crisis for say bank of america to take a thousand mortgages, sell those thousand mortgages to fannie e mae, they wrap those into a mortgage backed security and sells it back to bank of america. why would you have this round about process that adds complexity and cost to the model. yes, in that model fannie takes the credit risk from bank of america. bank of america still takes the interest risk. more importantly they cut their capital more in half by holding mortgaged back securities rather than the whole mortgage. our current system combined with the capital standards we have for banks encourages massive leverage in our mortgage market. looking solely at the institutional, the bank, the gsc, our mortgage market at the time of the crisis was leavage ed 60 to 1. freddie's guarantee business was leveraged 200 to 1. if you're leveraged 200 to 1, you will fail some day. this is a guarantee. absolute lack of capital in the system. what i would propose is a system that we need to look forward -- to go back to in a sense. again, there are lots of problem in the snl crisis that were deposit based.