we need to move toward a more limited role for the Federal Government and bring private capital back into the housing market.

we cannot afford to get the details wrong.

If we are going to consider options for reforming the housing finance system that include a taxpayer guarantee, we must ensure that the taxpayer is only guaranteeing mortgages that meet strong, basic underwriting standards.

Home ownership is central to our Nation's economy, offering financial and social benefits for families, communities, and the country as a whole.

The policies we choose to adopt during this process will determine not only the sustainability of a robust housing market, but also the future economic opportunities for millions of American families and individuals.

A reformed housing finance system can help consumers achieve their dream of home ownership, but this must be done responsibly.

Failing to meet these two critical objectives will increase the risks and costs to both taxpayers and consumers.

I rise today to discuss the multiple issues that have now presented themselves to us in the Senate and to the U.S. Congress and, frankly, the American people. I have been in several hearings this morning. The first was with Secretary of…

the real threat of default that the United States is facing is the debt crisis that we are facing.

I think Senator Schumer's comment about the blind man walking toward the cliff is even more appropriate with regard to the debt crisis.

Reforming our housing system is urgently needed and is a top priority for this Committee.

We must act now to reform the Government-sponsored enterprises and the larger housing market.

I welcome each of our witnesses today to this important hearing on the Federal Terrorism Risk Insurance Act.

Given this circumstance, we must use this opportunity to concentrate on building consensus around ending the conservatorships while building a stable secondary market that brings back private capital and avoids repeating the mistakes of…

There seems to be more traction toward moving forward with housing reform than there has been at any point during the 5-year conservatorships of Fannie Mae and Freddie Mac.

We need to get into them, and we need to get them resolved in some good ways.

I wish every single one of our Federal programs could operate in the same way.

Thank you. And moving to the statistics that you gave us, 56 percent of the grants, I believe it was, went to communities with less than 100,000 and 40 percent less than 10,000.

Just following on the same question about sequestration, from an overall program perspective, Mr. Stanislaus, can you tell me how the current economic climate over the past few years has impacted the Brownfields Program?

Concerns about the solvency of the FHA have been building for quite some time.

This bill is intended to put the FHA in a better position to function as an actual insurance fund.

There have been a lot of fights in Congress over the past few months and frankly over the past few years over what the role of the EPA should be.

I am optimistic that we will see future success stories if we keep this program strong.

Thank you very much.

I did not want our kids from Idaho to miss the opportunity to see some of beautiful Idaho as we have portrayed it in this hearing.