Carl Levin actually said...

Well, that is exactly the kind of testimony which I think is going to be very helpful to us as we proceed with the legislative response.

But they are serious enough that enforcement action was needed because management was not addressing it. Is that a fair conclusion?

Which is kind of, is it fair to say, heading towards a 3? Is that a fair summary?

If an association has a high exposure to credit risk, it is not sufficient to demonstrate that the loans are profitable.