This had a devastating impact on institutions without sufficient liquidity. But there was no disruption whatsoever in the mortgage market we serve. By contrast, I am sure you recall what happened to institutions like Long-Term Capital Management. There was not enough liquidity, and there was not enough market discipline. An institution like Long-Term Capital that provides very little public disclosure can get into trouble without anyone appreciating the magnitude of the financial risks until it is too late.
Liquidity is the lifeblood of any financial institution and of any financial market.
Freddie Mac's ability to withstand three months without access to debt markets and still meet our financial commitments is an extraordinary indication of our financial strength and liquidity. I doubt many other financial institutions could meet this standard. Third, Freddie Mac will issue subordinated debt on a semi-annual basis. This will create a supplement to our already strong capital position. I can tell you I have heard from investors that this extra layer of protection matters to them.