there are those of us who have worked very hard to put policies and be supportive of policies in place to get this economy moving again

Obviously, community banks are seeking an extension. They believe it would be very helpful.

It is a multi-trillion-dollar market. It is a market that I do not believe presently would be absorbed under the present system.

I hope we can get the right balance struck here because I think the pendulum has swung too far the other way.

For those who cannot honor their obligations, do you consider the possibility--of course, this is a case-by-case basis--of principal reduction as a possibility in the portfolio, in the tool of things to be used?

You also stated in your testimony that FHFA should use principal reduction data in its analysis, not just the NPV analysis which has problems.

It seems to me that there are two ways to preserve and conserve the assets.

What does not make sense to me, and maybe you can explain it to me, is that the FHFA seems to be saying that there are no GSE borrowers in the entire country for whom principal reduction makes sense.

Thank you very much.

A lot of us are not feeling like this is a good time to be rewarding Russia for anything. The recent elections make a mockery of democracy.

This hearing will come to order. Thank you all for being here today.

But at the same time, lifting Jackson-Vanik is a huge benefit to Russia, and I am sure all of you as business people understand the essence of leverage in a negotiation.