In other words, it is taxpayers' money you are asking for here. Right? $120 million.

I think that market should be supported by the private sector. It is $720,000--you are talking about a $900,000 house. I do not believe that is a house that should be subsidized by taxpayers.

encouraging low down payment lending is a mistake. It just creates gambling.

Because we are thinking about the taxpayers right now.

I will say it again. In order for this Committee to reform Fannie and Freddie, I believe that we must understand here why those institutions failed so that we do not repeat our past mistakes.

I just believe that if we come push to shove, that it is going to be very difficult for the Government not to step in and save the system.

In order for this Committee to reform Fannie Mae and Freddie Mac, it must first understand why those institutions failed.

Our once dynamic and innovative housing market is now stagnant and damaged, crippled by regulatory uncertainty.

So they learned something, didn't they?

It is a catastrophic risk.

It would be a lot less risk to the taxpayer, too, wouldn't it?

I think it would be very difficult to price risk.