the o.c.c. did present or i should say submit its budget to the controller's office. to meet the february 22 deadline. and as i discussed with this commission on february 2 and february 16, that budget did include reductions in the amount of $235,000, plus an additional $235,000 for the contingency cuts. and should all of those cuts be taken, that would result in the reduction of the o.c.c.'s 34.75 full-time equivalents by five positions. we would lose two clerical positions, two investigator positions, and an attorney position, and we would have to discontinue our mediation programs. president mazzucco: none of that is good news. commissioners, any questions or comments regarding that? what we -- we'll continue to work with you on your budget, too. >> thank you very much, president mazzucco. members of the commission. >> i'm sorry. did you tell them how many cuts you would have to have? going to lose the lawyers, the attorneys? >> yes. should the 10% contingency be taken, we would lose one attorney position. and the remaining three attorney positions are dedicated to

and the next meeting is going to be with o.c.c. director hicks. and just want to keep you informed that that activity is going on out there. and, you know, have a more substantive conversation when it's appropriately on the agenda for discussion. president mazzucco: thank you very much. we appreciate that more than anything. commissioner hammer. commissioner hammer: i want to thank commissioner slaughter and chan, the three of white house were at the last of the community forums woo held. not to say any input we had, all of us have talked with different communities throughout san francisco and will continue to do so until the end of the process. but an incredibly impressive group of folks came out on a rainy night, 50 or 60 folks and not just the usual suspects. the most remarkable thing was a group of young people who came, kids. about 10 of them from a youth center in bernall heights. a little ways away from the center. and they spoke out about what they wanted to achieve, their good and bad experience with cops very extraordinary one was how pol

and the next meeting is going to be with o.c.c. director hicks. and just want to keep you informed that that activity is going on out there. and, you know, have a more substantive conversation when it's appropriately on the

i don't think that was in dodd-frank an that's where the o.c.c. comes from and they would say there is no legal authority. >> i would have to get back to you on that. again, i think the servicing is part of the contract, part of the mortgage contract. what rights does the borrower have and in particular a mortgage which can be restructured efficiently is a better mortgage than one that can't be restructured. >> all things afleed but if you could get back to me on that point. back to the issue of the mortgage market, you issued a report with regard to risk retention issues, some thing is totally agree with. risk retention is not a panacea as far as dealing with this and reform should be tailored by asset classes, and it could impact on credit availability if not done correctly. as i understand it, there's going to be a phase in of this as it goes through a multiyear opportunity to phase them in. does it make sense when we realize we're dealing with asset classes and it could impact credit availability that really the regulators in this area go slow