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

Thank you, Mr. Chairman. Bill, the trouble with the mortgage insurers has been a development since our last meeting, and I am curious—Do they have the capability for raising capital? Will raising capital correct or help them get their ratings back to AAA, or is it more complicated than that? I have read some concerns about the effect, for example, on municipal markets if the guarantors cannot in fact maintain their ratings. So do you have some insight into their ability to raise capital and correct the potential for a downgrade?

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