[applause] >> our next speaker, my yan chang, ashlyn nelson and ashlyn nelson will be presenting. >> hi. i would like to thank the fdic and federal reserve system for the opportunity to be here. it's a great honor. today i'm presenting joint work with my co-authors. this research is funded with the generous support of the national science foundation. so, we have two papers that examine agency problems in the mortgage market using micro data from a single mortgage bank that was among the top 10 mortgage originators in the mortgage crisis. so in our first paper just to give you an overview and background of a we've been working on, our first paper, lifelong, liars alone, we examined the misalignment of banks and third party originated brokers. who originate loans on the banks behalf without having to they are the long-term consequences of issuing poor quality loans. and we digested of italy was the differences between banker originate and brokerage in auditors which are largely explained by broker penetration of lower quality barber pulls. on all of the activists collected at loan orig