I repeat, I would never comment on something I wasn't familiar with, and there is in fact a lot more uncertainty, volatility and therefore risk involved with SWAPS than with MBS. I should have stated that MBS have always been considered safe and uncomplicated (especially when compared to SWAPS) - plain vanilla , if you will... But I still fail to see how what I said about SWAPS weakens my (and the Federal Government's) position on the fraud perpetrated by major investment banks? However, if you want to get nitpicky about it, you swap fixed for variable, not fixed for rate.