The Globe and Mail reports in its Friday, May 12, edition that elevated consumer debt and imbalances in the housing market have been repeatedly cited as the most important vulnerability in Canada's financial system by the Bank of Canada, and signs of cooling in Toronto and Vancouver have sparked fears that the correction could be uneven. A Reuters dispatch to The Globe reports that household debt has risen to record levels in recent years, with Canadians owing $1.67 for every dollar of disposable income in the fourth quarter of 2016. Still, mortgage defaults and delinquencies remain low despite the high level of household debt, with official interest rates near historic lows and employment growing. First Asset Management manager Manash Goswami says, "We haven't seen loan losses tick up or anything that's really deteriorating right now." He says Moody's recent downgrade of Canada's Big Six banks did not affect his position on the banks. Mr. Goswami says: "Right now, we're not very concerned, given strong capital positions. Earnings growth might slow down but we don't think it's necessarily going to fall off a cliff."