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Mortgages. That is going on today . The deadline is tomorrow. In the legislation, we band the bad kind of mortgages. They said i was keeping poor people from buying houses in subprime was fine. That is exactly right. You can read it. Es copies for everybody. Secondly, to the great bulk of mortgages, they were qualified mortgages. Those mortgages, you would be able to secure them, but we asked for Risk Retention. Five percent of the risk would have to be retained. That would incentivize them not to provide junk. Because of senators, democrats, listening to people in the mortgage industry, would put in a qualified residential mortgage, stupidly confusing. Those mortgages were supposed to \those mortgages were supposed to be a supersafe category to securitize. To my dismay, the major proposal of the five regulators is to convince to combine the two, the other you can make without Ri ....
Over bear stearns. That was hard enough to get it done. I agreed with them. It was no way that the withution procedure intervention that we had in there. Ss the government will come and take it over. It would not have flown. I want to add this. Sometimes we make a mistake. It is driven by the perceptions of voter sentiment. The tarps a Great Success but hated. Media, itians, the makes me nuts. The voters are no picnic either. I used to say that when i was in office. Born had a quote. Oh barney had a quote. The stitches are not so hot. The constituents are not so hot. You have this ideological tremendous intervention. You step in and to get rid of the board of directors and you fire people and you take the shareholders money. It was a hard enough job for me as chairman. I would never want to put it to a vote of the action by the fed being so active. It wouldve failed in committee. Said youmously have never want a serious crisis to g ....