home loan banks never failed, because they overco lateralized. that's why with when he went into indymac, the banks had half the collateral and there was nothing left for the fdic. this is my last slide. securitization should go, because it's inherently undercapitalized. and i would say that the capital requirements should be transparent, covered bonds have extra more capital requirements, but they tend to have overcollateralization, just like i did in my first bond deal, because the investors don't trust the regulators, the quality of the capital or the quality of the loans that an institution is providing. so they want excess collateral. and you know, that's -- you've got to have capital someplace. okay. i think we'll wrap that up. take questions. send hate mail to my e-mail. >> thank you, kevin. let me again note that both the papers from which this presentation