The rules are also saying if you can't refinance, then you are a low quality borrower and your current lending institution is stuck with your risk, they are not allowing passing of the buck where other FRFIs then take on more risk by offering you lower rates and bypassing the due diligence that they do when underwriting their own originations.  

Credit is tightening, it's not fun, how would you rather manage the risks to the financial system?  Should the osfi put their heads in the sand and plan for a bailout of financial institutions with tax payer dollars if their worst case plausible scenarios play out?