GARY G. MILLER: “Was low downpayment the problem? According to FHA and VA, no. Were underwriting standards a problem? Absolutely.”

No borrower with common sense would use FHA over private sector mortgage insurance, because of cost alone, if it were available.

It is essential that Congress fully understand the impact international regulatory standards will have on the competitiveness of U.S. insurers.

I don't think anybody is going to defend the concept of the structure of the GSEs to believe that the taxpayer should be put at risk, yet the private sector should make the profits.

I will say this. I could not help, Mr. Chairman. You know, our country right now is going through a heated debate on guns and gun safety.