. >> the fraederal oh foe you're shareholder you're not responsibility for the debts of the company.> it's a very unique shareholder at the moment. it seems to me that port of the problem that was created was the whole implicit versus explicit guarantee. and we know that one of the reasons that fanny and freddie is seemingly the only gam in town and their market share of new mortgages roughly doubled, is because of that guarantee. is there any scenario where you would recommend that the full faith and credit of the u.s. be behind all $5.3 trillion of mbs? >> the implicit guarantee was a problem. we talked about it in this room many times and other places that there was no market discipline for these two companies because of that. and we didn't have the powers as the regulator to, you know, control their growth. and the market wasn't doing it either. my view is that there is no reason at this point to make that explicit. i think the $200 billion senior preferred -- given effective guarantee and i think that's all that's necessary at the moment. and certainly, there are buyers of the