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 remember years ago, with a different set of witnesses, well before the housing market had its tremendous dive, I said we are going to face a tsunami of foreclosures.

How do you both view how the housing market has responded to the Fed's low interest rate monetary policies?

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

So would you do anything different than what is being done at this point in time with the indicators as they exist?

What do you believe of that?

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.

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.

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

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