Mike Johanns

In my State, like so many other States, I am worried about the small lender, the community bank out there that is not looking to be regional, but they want to serve their clientele.

We need to head in a different direction.

We have got to get that right, or this thing just does not work.

The Nation's demand for unlicensed services continues to increase dramatically, and we need more spectrum to support these services.

I really believe you're right, I don't think anybody believes that the future of telecommunication or Internet services or broadband lies in copper to the rural areas.

If we create the impression that this is fail-safe, that the first flood that hits your neighborhood will have helicopters there to lift you off your roof, wherever that might be, we're doing a tremendous disservice.

This is one of those events in our life where every single one of us, when asked about that morning, that fateful morning, we can describe exactly what we were doing when we heard about the planes flying into the towers and the chaos that…

As I have said many times through the appropriations process, I believe addressing our Nation's debt is a fundamental responsibility, and a very necessary step for our future, and a necessary step for now, to get our economy back to full…

I see the solution to this as being driven by the private sector.

ICBA is grateful to Senators Warner, Corker, Tester, and Johanns for introducing S.1217, the Housing Finance Reform and Taxpayer Protection Act.

If this would have been in place a few years ago when the market collapsed, we would have had a firewall in front of the taxpayers.

Anyone else have any thoughts on that?

I would hope that whatever policies the Congress decides to come up with, I think that certainly access for rural and community institutions is critical.

I also want to say thank you to all the witnesses that are here today.

One of the things I looked at when I first looked at this proposed legislation was how does it fare compared to what we have today.

I just cannot imagine--there is another proposal being put forward in the House that would remove any Government backstop.

It is essential that these institutions can offer their customers fixed-rate mortgages at affordable prices.

When the market collapsed, taxpayers became responsible, in effect, for a massive amount of debt.

It seems to me that Wells Fargo should get the same price for selling a qualified mortgage to the guarantor as First National of Omaha.

It strikes me that the secondary market is not only an important financing avenue but also a vital risk mitigation tool for institutions of all sizes.

I hope today we can begin the discussion here in the Banking Committee about the bipartisan Senate bill.

If we do not get this right and your community banks, your community lenders are not a part of the future going forward, then access to those services disappears in parts of our State.

Access to the secondary market is a necessary tool to mitigate that risk.

We appreciate that thought has been given to the ramifications for home mortgage finance.

I regard as unsustainable.