if we eliminate the role of the gse's i think the comments made by shanna and sarah and jerry howardre correct. we would have trouble sustaining the 30-year fixed rate mortgage. we would have trouble in times of economic retrenchment offering and continuing the strength of the housing sector which is so important to the economy. so the answer is, yes, if we eliminated them. i think what's going to occur is that we're going to keep some of the essential function. they won't be known as fannie and freddie and i don't know what happened to the buildings on wisconsin and out in mclean and all the people who were in them but some kind of different structure will exist because the function of securitization of collecting mortgages at the -- that's what happens when you talk about fannie and freddie. [laughter] >> yeah, yeah. [laughter] >> i think that the function of assembling mortgages, securitizing them and creating liquidity so that money could come back into the housing mortgage system is absolutely critical. other countries that don't have it seek it. and if we didn't -- if it didn't

if we eliminate the role of the gse's i think the comments made by shanna and sarah and jerry howarde correct. we would have trouble sustaining the 30-year fixed rate mortgage. we would have trouble in times of economic retrenchment offering and continuing the strength of the housing sector which is so important to the economy. so the answer is, yes, if we eliminated them. i think what's going to occur is that we're going to keep some of the essential function. they won't be known as fannie and freddie and i don't know what happened to the buildings on wisconsin and out in mclean and all the people who were in them but some kind of different structure will exist because the function of securitization of collecting mortgages at the -- that's what happens when you talk about fannie and freddie. [laughter] >> yeah, yeah. [laughter] >> i think that the function of assembling mortgages, securitizing them and creating liquidity so that money could come back into the housing mortgage system is absolutely critical. other countries that don't have it seek it. and if we didn't -- if it didn't

if we eliminate the role of the gse's i think the comments made by shanna and sarah and jerry howarde correct. we would have trouble sustaining the 30-year fixed rate mortgage. we would have trouble in times of economic retrenchment offering and continuing the strength of the housing sector which is so important to the economy. so the answer is, yes, if we eliminated them. i think what's going to occur is that we're going to keep some of the essential function. they won't be known as fannie and freddie and i don't know what happened to the buildings on wisconsin and out in mclean and all the people who were in them but some kind of different structure will exist because the function of securitization of collecting mortgages at the -- that's what happens when you talk about fannie and freddie. [laughter] >> yeah, yeah. [laughter] >> i think that the function of assembling mortgages, securitizing them and creating liquidity so that money could come back into the housing mortgage system is absolutely critical. other countries that don't have it seek it. and if we didn't -- if it didn't