construction and rehabilitation of rental housing the administration has urged congress to permit ginnie mae to secure ties fha risk-sharing loans. but until congress takes action on new legislation i'm directing the federal financing bank to use its existing authority to finance these fha ensured mort zbajs. and right now we're working with the new york city housing development corporation to close the first project under this initiative this fall. with this project will help rehabilitate affordable renting housing in far rockaway, queens, that was damaged by superstorm sandy. while we remain committed to helping secure affordable and sustainable housing for all americans, we can not act alone. congress needs to extend the mortgage forgiveness debt relief act so struggling families that have lost their homes to foreclosure or that have sold their home in a short sale in order to move into more affordable housing are not punished with a large tax bill. at the same time, it's time for congress to pass housing reform legislation. the work of the senate banking committee was an important milest

earlier this year when ginnie mae told bank of america they can't make any more loan transfers, theyig deal, and this is an issue that have you had have been addressed by management years ago. it hasn't been done in part i think because they have been taking cost out of the business. there's been huge turnover among managers at bank of america, and i think it's time for a change. i think the board of this bank really needs to start thinking about this seriously. >> is it the ceo we hold accountable on all of this or what about the cfo bruce townsend, the highest chief financial officer of the corporations out there in the whole country and now you've got two big boo boos on the balance sheet. don't we hold him accountable? >> someone has to be held accountable. bill, the point again is this bank that has literally been shaken apart because they have been restructuring in a slow death march for the last five, six years, they didn't do it quickly. they are almost done. i mean, the good news is that bank of america is almost done with the process, but it's been extremely costly, and inv

and ginnie mae receipts. unfortunately, however, i must oppose this bill because it provides inadequate funding for our country's highway and transit infrastructure. specifically cuts to the following critical infrastructure programs are unacceptable. amtrak's capital funding is decreased by $200 million below f.y. 2014, which will defer critical repairs. capital investment grants which support new subway, light rail, commuter projects are $809 million below the request. and the bill contains no funding for transit projects that are in the pipeline. tiger would receive a paltry, $100 million. while i'm pleased the majority included it in its bill for the first time, the proposed level is insufficient. on the housing side both home and the public housing capital fund, which are vital to the rehabilitation and modernization of our country's affordable housing stock, face sharp decreases. at $700 million, home is funded at its lowest level since the program began in 1992 and the public housing capital fund is fu