There is widespread agreement, it seems, that the government cannot and should not back our entire mortgage marketplace, and we all agree with that.

the last thing that we should be doing or even contemplating is permanently adding an additional $11 trillion of expenses and exposures to the Federal Government.

It is my hope it will lead to a privatized system of housing finance under option one.

I would commend Representative Hensarling for his early and prescient attempts to wind down Fannie and Freddie.

If the government were to, say, step aside and move out of the way of our free market, it would thrive.

We must also consider creative ways to enable the private sector to provide additional consumer and commercial and public sector and other types of credit as well.

Again, I thank the chairwoman. As the American public watches this hearing today, they probably think, in some respects, that we have been here before.

The simple solution that they are really looking for from this committee and from Congress is to return these dollars to the American taxpayers.

The current proposal is to take the TARP program and to turn it into something of a Madoff-like Ponzi scheme.

I don't see anything in their proposal to prevent the misallocated credit decisions by the government through Fannie Mae and Freddie Mac and CRA.

When you think about it, I don't see anything in the proposal to stop the Federal Reserve, their very loose monetary policy, nor is there anything in there to address the conflicts of interest in the Fed in their dual roles as monetary…