mr. maurice veissi is president of the national association of realtors representing 1.1 million members involved in all aspects of residential and commercial real estate industries. he was elected president of the florida association of realtors in 2002 and was named realtor of the year in 2003. i want to welcome you here today mr. veissi and continue with your testimony, please. >> chairman tester and senator vitter and members of the subcommittee, thank you for the opportunity to testify on this urgent need for a five-year reauthorization of the national flood insurance program. i'd be remiss if i didn't bring you these salutations from our past president of the louisiana association of realtors and all the 5,000 plus realtors in louisiana who appreciate senator vitter your involvement and commitment to this issue and from members who said to tell you are they are very much pleased and very much committed to what you're trying to accomplish here on the hill. my name is mo veissi, i'm the president 2012 for the national associates of

mr. veissi and, for that fact, anyone who wants to join in, another obstacle to refinancing is that second mortgage holders, as i said, and mortgage insurers, do not always allow their interest to be transferred to a new refinanced loan even though they are bert off than when the first mortgage refinance to a lower payment since that makes the loan less likely to default and the homeowner for likely to be able to pay the second mortgage. does it make sense to require automatic courtability to the refinance law? could you put your mike -- >> i'm sorry. that's -- what we hear, senator, across the board is a little bit different than the statistical evidence you get. and i deal with folks from california to new jersey and back down to florida, again across the country. and we're hearing again and again that secondary financing in many cases holds up both refinancing and in many cases sales. i'd have to think about the answer to that question and maybe confer with you, but my knee jerk may be that that might be an interesting opportunity. >> mr. emerson, what do you think? >> i think we're ope

mr. moe veissi is the 2012 president of the national association of realtors and lastly, dr. mark zandi is the chief economist at -- analytics. mr. emerson, please commence. >> chairman johnson, ranking member shelby and members of the senate committee on banking, housing and urban affairs thank you very tatian to testify at today's hearings for this very important issue senate bill 3085 responsible homeowner refinancing at the 2012. my name is bill emerson on the ceo of quicken loans. we are a 26-year-old originator based in detroit. we the largest on line lender in the nation's fourth-largest retail lender. j.d. power and associates is ranked quicken loans highest in customer satisfaction in the united states for 2010 and 2011. i testimony will address some issues with harp to point out. harp to point it will help more homeowners and we applaud the administration the fhfa and the gses the mortgage industry to working together to improve the hard part of. however harped 2.0 is not designed to help enough underwater homeowners. while harp 2.0 not help enough homeowners? there