GARY G. MILLER: “I don't think anybody is going to defend the concept of the structure of the GSEs to believe that the taxpayer should be…”

I have always had a problem with the way they were fundamentally flawed. You had a hybrid situation where the private sector made all the profits, and the taxpayers took all the risk, which was problematic from the beginning.

On the recent ruling on Basel III, you acknowledge insurance companies are very different from banks, and you postponed any negative decision on that. I think that was a very, very wise move.

While a hybrid public-private model for Freddie and Fannie was fundamentally flawed, our focus should be a viable secondary mortgage market with sound underwriting principles.

I have some real concerns with that. I have had a concern with the definition between subprime and predatory for years, and I am glad to see we are going to finally deal with it.