Edward Royce actually said...

"Government policies...are going to steer borrowers to the FHA and further crowd out the private market."

"Let me also make another observation because I think your analysis has been the most inclusive of any that I have seen."

"But what was so unusual here was that we set in place a moral hazard situation with the GSEs like no other."

"I remember very vividly the Federal Reserve Chairman speaking with me, the warnings that we were given on the inability of the Fed to regulate Fannie and Freddie for systemic risk."