we are contemplating Government guarantee programs which, in my opinion, will inevitably have the Government providing insurance with low downpayment mortgages

However, if the Committee decides that the housing market can and should function without a Government guarantee, reform will then focus on how to transition to a private market.

The implicit, so-called cost-free guarantee of Fannie Mae and Freddie Mac has already soaked the American taxpayer for over $170 billion.

It is clear that the old way of doing things failed on a massive scale.

That is not chump change, is it?

Can our mortgage market operate efficiently without a Government guarantee?

Thirteen trillion dollars that is invested in bonds, including junk bonds--which is what they are buying now because they do not have other investments--is taking credit risk

We knew better than that. We knew better.

We do not believe that the Committee should consider any nominee to be the Director of the Bureau of Consumer Financial Protection until reforms are adopted to make the Bureau accountable to the American people.

It is regrettable that the President and the majority have chosen to ignore our request rather than work with us to improve the Bureau's accountability.

One of our Nation's founding principles is that the Government should be accountable to the people.

They were too big to exist.