Mike Capuano

If you think a 9 percent approval rating is bad, don't pass anything on this. Drag it out and don't do anything, and watch what happens.

I will be the first to tell you that this is the bare minimum.

So I think trying to restore this and trying to get it right, any suggestions are welcome, but I agree with my colleague, Ms. Slaughter, that we need to move something.

And our responsibility back to them is not to have them agree with every political decision we make, but to have them believe we are doing it in their best interest, everything we do.

It would be fair I would think to do this statutorily to say--not just for you but for the next HUD Secretary, the next Congress to say, if those capital levels go down, then we will automatically trigger some of the things that you have…

Is it also a fair conclusion that in the average home, the more valuable homes that you are allowed to do, the ones that are closer to your cap are the ones that have a lower rate of default?

So they have improved? Defaults have gone down as you have increased the FICO requirements?

And I say that because all this discussion about somehow you have done something wrong is ridiculous if you believe that homeownership and middle class go together.

I think it is a fair debate that we are currently having as a society where the level of homeownership should be.

I am not against the private market but that was what the private market did when there was no government involvement.

I think it is a mistake to pretend that what is will always be.

So the consolidation could happen like it has happened in a thousand other industries before; there is no prohibition?

I think we would like to have an optional Federal charter for insurance companies.

I am concerned about tomorrow and the idea being that if we don't have information gathered with someone, some neutral people looking and asking questions confidentially, I totally agree with that, that we put ourselves at risk.

I wouldn't associate myself too much with the rating agencies after what they did the last couple of years.

That would obviously address your concerns. Is that a fair statement?

Especially with our current economic challenges, all of us in Congress are obligated, in my opinion, to create a legal and regulatory environment that strongly promotes job creation, business growth, and general economic prosperity.

We fear that the coming budget reductions are going to make it hard for NextGen to stay on track.

I don't believe it is regular order to have subcommittee consideration and then have 6 months go by and no committee consideration.

I will say if you look at the procedures with regard to the Financial Reform Bill, there were more hearings, markups, amendments, recorded votes, and Floor time than any other bill I can remember.

I appreciate the positions that you have taken, because you sit here and as you stand in your positions, you are basically the last wall, if you will, protecting the taxpayers from literally billions and billions and billions of additional…

We have spent an hour-and-a-half on a dog-and-pony sideshow that in my opinion, wasted the time of Congress

I don't want to interrupt you. Are you finished?

As stated earlier, an effective Inspector General must be diligent and encouraging and at times insisting on strong oversight and transparency with any government.

I would like specific recommendations about what you think we should be doing to increase and enhance the oversight of the HOME Program.