in this case? >> this company called mortgage resolution partners in san francisco says we have mortgages worth more than the value of the homes in these california municipalities. let's take that mortgage from the private investor and refinance it so it will reduce the prin pal amount. and then we hillary package it with a government guarantee and sell it to other private investors, and that will fix the housing market jie. who are the winners ? obviously the investors who get the mortgages would be a winner. the city might be a winner because they would argue, well, we have few youer foreclosures and prevent more foreclosures and less neighborhoods in trouble. what about the homeowner? >> it is a free lunch. the homeowner was underwater and magically they are not. but this has very, very serious consequences. >> we are talking about a lot of winners here. who are the losers? >> well in the immediate term, the holders of the mortgage are the losers. so that is pension funds, miewmpule funds and even fan knee and freddy. they are u.s. taxpayer backed