Patty Murray

We need action on safety.

We all need to commit ourselves to being safety officers.

For our money, we want safety, operational reliability, and a way that will also be sustained.

We need action. Audits, reports, and recommendations are a pathway, but now we need action.

These aren't numbers. These aren't statistics. These are human beings.

Again, thank you so much, both of you, for your participation today.

What is the default rate that you are assuming?

I have a financial literacy bill that we start teaching basic financial skills back in our elementary schools.

About a year ago, the administration launched their Making Home Affordable to help homeowners with foreclosure.

Thank you very much.

Well, any kind of radical change in the role of the GSEs could also mean a dramatic change for FHA and Ginnie Mae, and I am concerned about the prospect of FHA taking on significant increase in new business, given all the current…

I am concerned that this could provide some serious instability in the market.

I want to know that the banks are working to do this rather than doing everything they can to make it not work or stall it or not get involved.

At home I am hearing from a lot of counselors and homeowners about the problems that they are facing in getting permanent mortgage modifications.

I actually do not expect mortgage rates to back up as significantly as some of the extreme negative views are when the Fed steps out.

Thirty percent is too much. We all agree with that.

And the other question I wanted to ask you about is the so-called shadow inventory.

Banks not returning phone calls forever.

However, FHA has been plagued by longstanding management challenges, challenges that continue to raise concern about its ability to manage its outsized role in stabilizing the market.

It may take more than being stern.

If it is just one more phone number that they call that they cannot get to, it is not going to be very helpful.

My front desk in my Seattle office would tell you that that is not working very well.

Well, as we now work to reform Wall Street and the financial sector and prevent any future housing crisis, it is really clear that we have to address the future of the GSEs.

Do you know when you are going to hit that 2 percent level?

Together, Senator Bond and I have sounded the alarm on FHA and the solvency of the MMI Fund.