We think if the economy remains weak that we could see mortgage rates trail down and we think that we could see rates below seven percent into early next year.

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

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.

They flooded liquidity in the marketplace but the mortgage rate is based much more on expectations of inflation. So if the average investor believes that there is inflation coming, they'll move that rate up.

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

I think if you go beyond a year - if this continues into the system in the out years, I think there is a risk and that - that we could have a negative reaction in the bond market and that will offset the good that was attempted to be done.

Right now the long-term investors are telling us that they're not as concerned about inflation and so we're seeing these rates now move into the marketplace and out to the street - rates that individuals can get.