Peter, I looked at their 10 ks and if you factor in all the guarantees, the leverage may be 100 to 1. Morningstar said 80x equity. $50 billion in equity is supporting $6 trillion in mortgage debt. And the thing that surprised me is FNM has a big investment in nonconforming mortgages, something like $60 billion. Losses on that alone could wipe out a lot of equity. There is no way the government can let them stop operating but I would guess the equity holders will lose most of their investment unless the housing market turns soon. If the GSEs stop operating, the rest of the banks would have even bigger losses. The government has to have a plan. Hare