But I would assume--I understand what you are saying, but I would assume the conservatorship, ultimately its goal is to maximize or limit, actually, the scope of the liabilities at the end of the day.

Well, thank you all very much. It is a broad swath of ideas.

I think they really are trying to, with the conservatorship and with FHFA, are trying to figure out a long-term profitable arrangement that will benefit the taxpayers.

I urge you to pay careful attention to the relationship between housing and the overall economy.

If it does not, what is the consequences of that, briefly.

I appreciate the passion of the Senator from Louisiana and her personal experience from Louisiana on the consequences of disaster. She speaks from firsthand knowledge and speaks for all of us in this respect. I rise today because we as a…

I think we definitely need to deal with that.

And one of the challenges I see is what if we completely eliminate the GSEs, as some are proposing?

Let me ask you, Professor Levitin, in the days before GSEs, loans were generally renewed every 3 to 5--or due every 3 to 5 years and had to be refinanced all the time because lenders were not willing to make 30-year commitments.

I don't think we should give up on the American Dream of home ownership because of the current housing market setbacks.

And, of course, those costs would be significant over the life of a loan.

What concerns me is that if others who are engaged do the same as the IMF and Norway have in holding back funds, we will be left on our own to face the challenges that I just discussed with Mr. Thier.