mr. dudley said. so if you're not supporting principle reduction and you're not talking about how homeowners can get out from under this foreclosure problem, what are you suggesting we do to improve this housing market? >> well, we discuss a whole variety of things in our white paper. though again, with the proviso that our goal was to provide background analysis to help congress make good decisions. for example, we have a big overhang of homes in the market. one of the ideas that we've discussed is the moving reo, real estate owned to rental. that is something the fha has begun a pilot program on. that is interesting. we talked about tried to identify some of the barriers to doing that on a larger scale. that's one potential direction. it's a lot of issues right now with the tightness of mortgage standards where people are not able to get mortgage credit. even when they meet gse standards. so we have talked about clarifying the representations and warranties that are part of the mortgage contract. fh

mr. dudley said.ng principal reduction and you're not talking about how homeowners can get out from under this foreclosure problem, what are you suggesting we do to improve this housing market? >> well, we have discussed a variety of things in our white paper. though again the proviso the goal to provide background analysis that would help congress make good decisions. for example a big overhang of homes in the market, one of the ideas that we've discussed is the moving reo, real estate owned to rental, that is something that the fhsa has begun a pilot program on, that's interesting. we talked about -- tried to identify barriers to doing that on large scale. that's one potential direction. it's a lot of issues right now with the tightness of mortgage standards where people are not able to get mortgage credit even when they meet gse standards. so we have talked about clarifying the representations and and warranties that are part of the mortgage contract. fhsa and the gses have looked at that and that