isaac. thank you for taking the time this monday morning. >> good to be with you, rick. >> all right. in the macro, we have treasury secretary stevens debut performance in front of the senate banking committee on thursday. one of the topics that most likely will be on the agenda are the federal housing groups and the reforms. the government sponsored enterprises. the director of the federal housing finance agency, is mel watt. he's required to sweep out a lot of the money that he said now missing is is a real problem for the ongoing operations of the mortgage entities. your thoughts? >> well, i agree with mel completely. i think that -- let's remind everybody how this thing came down. when fannie and freddie were put into conservatorship, they were -- they issued preferred stock to the government, 187 billion, they were required to pay a 10% dividend on that. so it would have been $18.7 billion on the original amount. if they had done that, they would have -- to date they have paid back $270 billion to the government. according to watt's testimony. which is more than enough to have covered the complete repayment of the principal an