Edward Royce actually said...

"But to the extent that you have government-sponsored enterprises that can short-circuit the supply and demand on this and arbitrarily take risks..."

"Economically, there is a consequence. And increasing the already outsized or oversized role that the government has in this and in housing finance..."

"I would ask you, Mr. Secretary, do you agree with that concept?"

"Since then, the wheels have fallen off."