So realistically, um, what can they get done by January 2029? And do you think any of those things will be attractive to the administration?

Okay.

So, well, they can let earnings, uh, accumulate.

I do wanna state that, uh, the Obama administration, I know it seems a long time ago, their policy was to decapitalize the GSEs, it was controversial, and replace them, waiting for Congress to replace them.

And that's, was the policy from late 2012, '13, '14, '15, '16, all the way through the Obama administration.

Number one, meaning the first administration under Secretary, uh, Mnuchin, who was a, a mortgage securities guy originally and knew his stuff about that, got where they could then turn on retaining their earnings as opposed to paying them almost completely away to the government.

And that was a great thing 'cause now you're, you're, you're, you're, you've chopped away about half that they're required capital in the intervening years.

[chuckles]