my very first job out of graduate school was working for mgic. one of my responsibilities there was to monitor the activities of fannie and freddie. and on a quarterly basis i made a pilgrimage to d.c. to visit the executives at fannie and freddie. my responsibilities was to monitor the programs, their products, their people, and i did that for 11 years. i wrote a newsletter on a weekly basis, i included a portion on fannie and freddie because they were such a key determined of the activity that was going on in the mortgage market. so it gave me an opportunity having started this in the late '70s, but to really watch the history and to follow the evolution of fannie and freddie. and i didn't really become concerned about any of this until after 1992. and the reason i did was really threefold. i had noticed a dramatic cultural change at fannie mae, after 1992. the attitudes, the access to people really changed fairly dramatically, and it really raised my eyebrows, as well as those of a lot of other people. after i left mgic, i continued to monitor