What would concern some of us up here on the GSE writedowns is that the GSEs would take the hit, ultimately the taxpayer now, since the taxpayer is holding the GSEs.

The latest actuarial report states that FHA's capital ratio is only 0.24 percent. Mighty low.

Since the Administration admittedly did not have the key data, it seems to me, for evaluating the proposal, what is the basis for your support of this proposal?

I think it is disappointing that 4 years after the bursting of the housing bubble, the Committee has still not produced comprehensive housing legislation.

A lot of our concern--and I think Senator Corker has enunciated this, too, up here--is we do not want the taxpayer to take the hit.

Mr. Secretary, it has now been over a year since you and Secretary Geithner submitted your white paper on housing finance reform.

I am talking to you up here now also as an appropriator, I guess, although we are not in the Appropriations Committee.

I think you are right on that.

Thank you. Welcome, Secretary Donovan. You have been a pretty regular up here. We appreciate you.

I hope the Committee will not make the same mistake with FHA.

There have been serious lapses in HUD's oversight in the HOME program.

At that time, Secretary Geithner stated that the Administration would work with Congress to develop housing finance legislation and that, quote, would like to try and do that within the next 2 years.