PS, the ability to refinance is a semi-important part of the whole issue. But, to be clear, I’m willing to bet anyone on this board $10,000 (or more) that less than 50% of almost any specific type of mortgage product from a particular vintage year will default. Yes, there are some bad products out there. But I’m willing to make a very large bet that there is NO product in which 50% of the origination volume from a particular year will default. But, again, I’m allowing for these folks to refinance out into a product that may one day in the future lead to their demise.