In a large saucepan, melt butter. Stir in flour until smooth; gradually add cream. Bring to a boil; cook and stir for 2 minutes or until thickened.
Stir in the sour cream, chilies and bouillon. Reduce heat to medium; cook and stir for 3-4 minutes or until heated through. Add cheeses and pepper. Cook until bubbly and cheese is melted, stirring occasionally. Yield: 4 cups.