We do envision the FMIC would be playing, again, a very important role in conjunction with your State insurers to make sure that gets----

We would still--the concept of that mutual to service the portion of the market to make sure there is quality of pricing.

And it is true, I am a member of the Wireless Hall of Fame.

I just want to follow up on something that Senator Crapo raised in his line of questioning, which was how do we make sure--

I was hopeful that we could clear 120 MHz in the incentive auction, but now it looks like there will not be more than 84MHz cleared in most markets.

I would simply point out as well that there are other proposals out there that get rid of any Government role at all that would require exponentially higher amounts of private capital.

Thank you, Mr. Chairman. First of all, echoing what some of my other colleagues have said, thanking you and the Ranking Member for continuing to aggressively move these hearings forward.

I think Senator Warren has raised, you know, some good components about this, the question about how we get this insurance component piece right.

This is an area of more than some interest to me.

Well, thank you, Mr. Chairman. Thank you for that courtesy.

I apologize for not being here for most of this hearing.

My caution is about having a mechanical line down of the two entities that are providing almost all credit formation in the conforming market today.

I would point out that in the wild and wooly final days of Dodd-Frank, there were efforts to, on the floor of the Senate, to unwind the GSEs with no transition on a 2-year basis and completely zero them out that got a lot of votes.

Avoiding the disruption in mortgage liquidity must be a paramount concern in structuring the transition from the current system to the future one.

I also want to echo and appreciate Senator Crapo's comments about the challenges of the status quo and the very real threat.

the Government must end its ongoing backstop of Fannie Mae and Freddie Mac solvency and conservatorship.

The Corker-Warner bill contemplates a transition period of no more than 5 years following its enactment.

I commend Senators Corker and Warner for having put together a coalition around a bill that has all of these elements in it.

If we are successful in these objectives but unsuccessful in redirecting finance to rental housing, millions of working class households will pay the price.

the fragile economic recovery cannot afford the risk of a significant disruption in mortgage credit availability.

I believe this is our ninth hearing this fall, and while there is a lot of other activities going on in the body that are showing, perhaps, disruption, I think your leadership of this Committee has shown a real focus and attention on this…

If we screw this transition up, we are talking about catastrophic damage to a very fragile housing sector and the broader economy.

We do think there needs to be high, solid capital standards.

the most important thing we could do for private capital beginning to come back into this market is to pass legislation telling the markets where the Government is going to move with regard to Fannie and Freddie and ending of the…

I believe that Corker-Warner provides a good framework for long-term housing finance reform.