Well, it is a good question, but it was a question that was essentially raised during the committee and answered by Chairman Bernanke at the time. If Chairman Bernanke said, yes, there was with regard to the portfolios held by the GSEs a cross-subsidization of the market and therefore a benefit to the low and moderate income mortgages that they have, then the chairman's argument would be a correct one. But Chairman Bernanke did not say that.
Discussing the implications of Chairman Bernanke's statements on GSE portfolios during a committee meeting.
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