Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

Thank you, Mr. Chairman. The question relates to what President Fisher was pursuing, which, if I understand correctly, is our chance of actually incurring a loss in holding the less creditworthy paper. That would relate to a default on the part of a broker–dealer in unwinding the swap and then an ultimate loss in how we dispose of the paper over time if we were to hold it. So the question is, Are we aware of any primary dealers who are really in serious condition at this stage and constitute a “first way out” risk?

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