i don't k vestors won't buy th assets. they'll certainly buy them at a higher interest rate and that would be the octoberive to tighten financial conditions so to avoid inflation concerns many the future. >> thank you. so i read an article, i don't remember the exact source, it outlaid a plan to allow homeowners who have been on time with their mortgage payments to refinance at the current lower rates. sort of as a way to protect them from their housing prices dropping. so i was wondering whether you heard of plans like that and what sort of involvement the fed would have or whether that would fall to the consumer protection agency? >> there are some programs like that one in particular is calle. that's run by the regulator the fhfa. and on this program, if you are underwater in your mortgage, in other words, if you owe more on your mortgage than your house is worth, you still may be able under this program if your mortgage is heldfy fannie or freddie you may be able to refinance at a lower interest rate which will reduce

like 1 and 2, where the process gets so complicated the results of the process become so difficult r vestorsms that are involved in the bos l-3 process are effectively backed by their governments so the largest banks in france and germany, across much of europe they have long been in effect, public utilities that is how those governments want to run their banking systems and it shouldn't be my judgment as to whether that is right or wrong. but, in fact, if you are an investor in deutsche bank or an investor in society general you have an expectation born of long exerience that thatovernment istandng hind that firm, because that firm is in some sense so large relative to that country. that is not our banking system, charlie. my view is that shouldn't be ours. we have the benefit of 9,000 banks, we want these banks to compete with each other. we want the biggest bank in one decade to be able to fail and to become smaller without causing taxpayers to write a check. so i think we have huge benefits of a diversifiedç banking syst, one that is able to provide a lot of credit to small and immediat