One of the issues with some of these lenders is going to be, where will their provider of credit be when there's a crisis? That's why some of these smarter services, to support their operations, are courting more permanent capital. They want a source of longer-term funding that can survive a crisis.

I think the politics have gotten better in the United States, which makes it easier to pass legislation, budgets and treaties.

We continued to build the business, even in the worst of times. We do business all over America.

It's great that people get together and collaborate, talk about the facts and the analysis, all in the interest of having a great financial system.

I don't think you're going to have one bank. Big companies aren't going to give us all their business. So they can pick and choose - by product, by country, whatever. We have major competition across every product in every place we operate.

I am struck that so many of our leaders in the U.S. forget how strong our country can be.

If the government wants to do social policy, it should not be done in a quasi-public company. If you have a mortgage guarantee company which is done by the U.S. government, it should be guaranteed by the originators, i.e., the shareholder.