"While some might feel the government should wipe its hands of the problem, I would like to note that Congress created this problem."
"The NFIP is over $24 billion in debt. The business model was flawed, and the program faced elimination."
"I think what we are trying to do is to provide not only some education as to how to mitigate against these flood zones, but also to encourage a private market to come into play so that they pool some ..."
"As I mentioned in my opening statement, I very much believe in market-based solutions for risk problems."
"The intent, of course, was to make sure that we had affordable housing, that low- to moderate-income people could have access to the American dream of homeownership."
"Of course, my friends on the other side say this is not a bailout. It is just policy and it is an accounting function."
"If we are going to say that we want a private market backed, then we need to allow them to have what traditionally private markets have in providing insurance."
"I still believe that in this particular situation, a TRIA bill is necessary."
"But the pricing is what concerns me, because right now, we have a government backstop and my history in government backstops, as you look at the National Flood Insurance Program, and as you look at ci..."
"Most likely, it will go offshore. Most likely, it will go on the Internet. You are not going to eliminate the demand just because you eliminate the supply."
"But you would also agree though that there is a market out there for payday loans that is not being met by traditional bank or lending institutions."