i'd again like to thank the sponsors of the legislation, mr. barr, mr. perlmutter, for working together to seek a fix i think that will result in good things for the coordination aspect of the state regulators and federal regulators. with that i'd encourage passage of the bill, and i'd yield back the balance of my time. the speaker pro tempore: the gentlelady yields back the balance of her time. the question is will the house suspend the rules and pass the amended. 5062, as those in favor say aye. those opposed, no. in the opinion of the chair, 2/3 having responded in the affirmative, the rules are suspended, the bill is passed, and without objection the motion to reconsider is laid on the table. without objection, the title is amended. for what purpose does the gentleman from california seek recognition? >> mr. speaker, i move that the house suspend the rules and pass h.r. 4809, as amended. the speaker pro tempore: the clerk will report the title of the bill. the clerk: h.r. 4809, a bill to re-authorize the defense production act, to improve the defense

was never any suggestion that they would be exempt from the rules and your question i would say to mr. barr, i did live up to my deal? yes, i did. and mr. fine with whom i made the deal will confirm that. we won't be talking about my bill. i won't have my motives improperly impugned and suggest that i'm not good to my word when there's absolutely no basis for it. as far as the bill is concerned, to me, the most important piece is one of the things that i now worry about which is risk retention in mortgage lending. i believe that the single biggest cause was and it was an innovation and it wasn't regulated because it was new. you had regulation of mortgage lending pretty good up through the '80s because most mortgages were made by banks and banks are regulated and even if we don't have qm, the occ will still regulate the loans and i'm satisfied with that. if there's a general need to be reasonable. but what happened was thanks to money coming in from outside the banking system and the banks were unfairly maligned to the slower banks. most of the bad stuff happened outside the bank because al

was never any suggestion that they would be exempt from the rules and your question i would say to mr. barr that i've lived up to my deal? >> intersected and mr. fine with him i made the deal would affirm that so no i don't think you and i would be talking about your bill. i wouldn't have my motive properly implant in suggesting i was not good am i word when there's absolutely no basis for it. as far as the bill is concerned to me the most important piece and one of the things i now worry about which is risk retention in mortgage lending. i really play the single biggest -- and innovation and it wasn't regulated because it was new. you had regulation of mortgage lending pretty good up to the 80s because most mortgages were made by banks and by regulators. even if we don't have qm, the fdic will still regulate the loans that mr. wilson's bank gives and i'm satisfied with that. there's a general need to be feasible but what happened was thanks to money coming in from outside the banking system and the banks were fairly maligned including small banks must the bad stuff happened outside of the

the gentleman from kentucky, mr. barr. i appreciated your earlier testimony that your intention in crafting the mortgage reform provisions of the law were directed to encourage more risk retention. i have a bill, hr 2673 and that bill is a portfolio lending bill that would encourage for risk retention on the part of mortgage lenders, small banks like mr. wilson's bank. and, in fact, not only was that bill marked up out of this committee, several of my colleagues on the other side of the aisle voted in favor of that. and my question to you, would you support such a proposal to give a un15i6 harbor status to portfolio loans in which the mortgage originate ref tapes the risk? >> i'd have to look at the specifics. i'm generally in favor of that but you said you would encourage it. i think we had to get this in the senate and loosen the risk retention. i would like to have portfolio allowed to be whatever it is. have stronger risk protections. >> i appreciate you're japan inclination toward risk retention and your general favor