The economic risk is real to the American taxpayer. It is a question of the magnitude of that risk.

The longer we wait, the larger the write-downs will be, but that is being stymied...

the real question that the average American citizen has is what is the Federal Reserve doing.

I would ask the question, if you had one bullet left, would you use it for the American economy?

There can be no question that a healthy European economy is vital to the national interest of the United States and the American taxpayer.

I don't think there is anybody on this planet at this point that thinks the Greeks are going to pay back 100 Euro cents on the Euro on their debt.

we have a reliable partner and, B, whether the security on the ground is adequate so that the work can actually be done, and both of those are huge impediments.

Did you see the private sector filling in where FHA could no longer serve?

I think it was bad policy to raise the loan limits back up.

the key thing to understand was that FHA and our fellow housing programs were intended for the least among us, not the greatest among us.

But when we are talking about Federal policy, subsidizing a $500,000 house is very different than helping somebody who is trying to get--

I would like to see Fannie Mae and Freddie Mac be done away with and go back to the private market.

And are mortgage modifications a part of that scorecard?

I think that when you start giving these salaries out to these people, you have to make absolutely sure you are not being excessive.

the President has complained about executive compensation packages, but two large entities where he could have a larger and direct say, he tends to make speeches rather than actual consultation.

I certainly appreciate that and I appreciate your willingness to answer questions today.

Who says there is just politics on the Hill?

Would you be willing to submit that for the record once you can gather the documents?

there has been a hew and cry from the President in particular about executive compensation

Will you commit full compliance with all requests of information from the Office of Inspector General?

Well, the question is not----

You are not answering my question, Mr. Williams. What percentage of your compensation is tied to mortgage modifications?

So if we just left this as it is currently structured, we could be back here having this same hearing in 5 years.

So it is more of a feeling, right?

Would you commit to letting the Office of Inspector General directly request of Fannie and Freddie the documents and information that they need?