mr. dickerson. think one of the most telling statements of the gsc's impact on the entire mortgage market came for me when a former freddie mac employee who mentioned that the executives at the company understood that when they begin purchasing junk mortgage-backed securities as he called them, based on subprime they were sending a clear message to the market that these were, in fact, safe investments. in other words, if the duopoly that controls the market it's a message that these have been analyzed to save. prior to that time, fannie mae and freddie were exclusively known for buying more conservative, conforming loans so when they began purchasing junk mortgage-backed security it was a clear deviation from their prior endeavors. do you believe the executives at fanny and freddie understood the message they were sending when they began to invest in junk mortgages on such a large scale? >> they we investing these private-label securities that had subprime, alt a and higher risk mortgages that were