I find it hard to understand that the Director of OPM would not be here today.

It just seems that it would be a far more transparent way of dealing with this issue.

This regulatory reform, again, is just moving chairs around. It is not changing anything about the way that we go about doing this business.

I do say I really appreciate the authors' desire to ensure that people around this country, when they buy long-term care insurance plans, they know that it is going to be there and that it is real.

So hopefully as we do regulation we will make sure that this is something that we deal with, that this is not left to the side.

But along with recourse, it does make some degree of difference when the borrower asks for the loan, does it not?

There is time to do it right, but it is all very related to each other, isn't it?

there is a reason for us in this country to assume risk at the Government level as it relates to residential mortgages?

there is a cost associated with loaning money out to people.

Since there is a cost with everything--I mean, you cannot create a fixed-rate loan and there not be a cost associated with that.

The fact is he stated here that these GSEs should not exist, that the private sector can deal with this issue perfectly adequately.

I would like--our office would very much like to be involved in a step-by-step process with you as to how we unwind oldco and move this function over the private sector.