while we found is we have, quite a bit, almost to where we were in relation to that same syntex in 2003ng toward another bubble. gerri: you say one thing that will almost guarantee bubble, the federal housing finance agency. he would be sort of the top regulator of the fannie mae and freddie mac. what do you think that melvin will do? >> well, he has made his policies clear in the past. he is for making sure that the underwriting standards are reduced substantially so that many people who do not have easy access to mortgage credit are able to get it. that was the thing that caused the crisis in the first place. 1997 and 2007. so i am quite worried when he is in its year -- and it is important to understand that he is not just a regulator. because he is the conservative of fannie and freddie he runs those two companies. he is like the ceo of those two companies. so if he wants them to make mortgages, acquire mortgages that are very low quality, he can do it. gerri: and that will be like going back for years to the worst of times if, in fact that happens. thank you for coming on. great to