Well, I think as long as people are talking about stimulus, I think the Fed will be thinking about cutting rates because monetary policy is the better way to go because you can turn it on and turn it off.

That is - the reason for that is that home prices are only going to go up. Now, they've never gone down nationwide in our - since we've been keeping track of this.

And so the danger for the housing industry is if we see interest rates rise.

The automatic stabilizer is unemployment insurance, food stamps, additional coverage of Medicaid.

And so Fannie Mae produces very strong results for investors in - when interest rates are high and when interest rates are low, in recession and during booms.

And so we have to be careful with looking at additional stimulus that we don't provoke an increase in the bond rate and then offset a lot of the stimulus we've already got.

Right now we think that rates will stay low, that you'll be able to get a mortgage below seven percent and that's kicked off a refinance boom that's going to put more money in the pockets of consumers.