I believe that even when real estate fell in the late 1990's, prime mortgages were defaulted at a rate less than 10%. If you only look at the prime mortgages on CSE's books of 2.6 billion, we can guestimate a worst case scenario. Assume that 10% defaults and that the value of the underlying asset will only payoff 80% of the mortgage.
2.6b x 10% x 20% = 52m
In other words, CSE could lose 52,000,000 if the situation continues to get worse. I do not believe that is material considering that they are actually in the commercial mortgage business. If the economies of the world go into a recession, then all bets are off. IMHO, CSE is a good bet.