Indeed, in the United States, more than $2 trillion of securitized assets currently exists with no government guarantee, either explicit or implicit. <A HREF="http://www.federalreserve.gov/boarddocs/testimony/2004/20040224/default.htm" target="_new">http://www.federalreserve.gov/boarddocs/testimony/2004/20040224/default.htm</A>