Jack Reed

So there is a potential, you know, if we do not do something like this, have the Form D filed prior to the offering, that you just will not know what is going on.

And that would probably be an area you would have to pay attention to.

The JOBS Act requires the SEC to adopt rules that, in the legislation language, 'require the issuer to take reasonable steps to verify that purchasers of the securities are accredited investors, using such methods as determined by the…

The standard really started with a significant amount of capital, either, you know, wealth or income.

Thank you, Mr. Chairman.

I think we were children then, yes.

Are you considering those factors as you go forward?

You raise an excellent point, which is that everyone might have very good intentions of trying to manage through this crisis, but software systems, documents, legal requirements, uncertainty would be such that you could really paralyze the…

In effect, what you are describing is a potential financial meltdown, perhaps worse than in 2008 with the collapse of Lehman Brothers.

Using the debt ceiling as leverage in the deficit debate is unwise and dangerous.

If the USS United States goes down, we all go down together, Democrats and Republicans.

The impact on Main Street, I mean, one of the issue with prioritization Senator Brown mentioned was we are not prioritizing between paying Federal debt and trivial expenses of the Government.

If we default next week, even technically, your view, I believe, is that that will make our ability to do almost everything, including deal with the long-term entitlement problem, much more difficult.

We are underbuilding given the projected demand, significantly; that even with this program that is working effectively, we need to do much, much more.

I think the whole panel concurred that because of much more effective underwriting, the multifamily programs were credible, durable, and, in fact, contributed significantly...

If you look at the luxury market for residential, there is no problem there, there has never been a problem.

Well, thank you very much, Mr. Chairman, and thank you for your testimony.

I have another question, but I think you have answered all the questions with your last response.

There is another aspect, too, as you alluded to in your responses, that there are times when the market can provide adequate capital.

I think we have got to think harder on some of these issues.

But one of the premises is 10-percent private capital up front. The question is: Is that sufficient? Or is it too much?

I think it is critically important that from an investor's standpoint, if a servicer is not following their responsibilities under the agreement, that there is some mechanism to remove them.

Thank you very much.

I think having that Federal backstop reassures the insurance industry that, for catastrophic risk, none of them will go under.

We have to extend the reinsurance program going forward.