f.h.a., to splitting them up into multiple g.s.e.'s to privatization, and simply eliminating all implicit and explicit government backing for mortgage-related instruments. the fanny and freddie fallout not only affected the economy, it affected main street as well. many of our nation's community banks have been hard hit. they have held some 85% of lenders that held fanny and freddie stock. our community banks are the back bone of communities across this country. this is especially true in my state of georgia where we are experiencing a large number of bank closures. this situation is helping to reduce bank scomplal impede bon the ability of banks to make new loans. i want to make one mention of one particular situation that as a result has raised big questions. resulted to raise big questions. when freddie mac ignored the two leading rating agencies, moodies and standards and poors on rating the markets in securitization of nine months and relying on the markets of smaller agencies, the french and dominion rating bonds, and that $1 mi