we've made significant progress resolving pre-conservatorship business.nterprises have played an important role in providing foreclosure prevention and refinancing options to borrowers. and through fhfa's strategic plan for the enterprise conservatorship, we've begun the process of the housing system. even with those accomplishments much remains to be done. the single-family mortgage market remains heavily supported by taxpayers. while there is progress on the legislative front and the timing of broader housing finance reform remains uncertain. in 2008 went when conservatorship sewer established, immediate object to for initial phase was to stabilize the enterprise operations and ensure the secondary mortgage market continued to function. as markets stabilize the second phase of the conservatorship focused on developing tools for assisting troubled homeowners while reducing credit losses. the next phases determining responsibility to direct the conservatorship store-and-forward. the law establishes the employment of a conservator or receiver for the enter

making the final transition from the conservatorships as simple and as quick as possible. this process, fhfa will soon a stylish multiyear targets for fannie and freddie to further achieve these three strategic goals of building for the future, contracting the footprint, and maintaining market stability and liquidity. in this next phase of the conservatorships come we intend to build upon the accomplishments of the past two years while accelerating progress towards achieving each of the three strategic goals. i provide some thoughts on each line of the enterprises business last week. today my limited time i would like to focus on the single-family guaranteed business. with an uncertain future and a general desire for private capital to reenter the market, the overarching goal is that the enterprises market presence should be reduced gradually over time, and we have three main tools to accomplish this objective. first, risk-sharing transactions are important for reducing the taxpayers long-term risk exposure. in 2013 we set a target for each enterprise to achieve $30 billio

the conservatorship strategic fhf a's conservatorship designed to an is prepare the companies and thearket for that date while andtaining market stability liquidity from now until then. the strategic plan aims to move the transition with postconservatorship market quick it as simple and as as possible to. more clearly define this rocess, fhfa will establish multiyear targets for fannie and freddie to further achieve these strategic goals of building for the future, contracting for the footprint, maintaining market stability and liquidity. in the next phase of the haveconcert conservatorship we want achieving the three goals. we have three main tools to this objective. transactionsharing are important for reducing the taxpayer's long-term risk exposure when. in 2013, we set a target for each enterprise to achieve $30 risk-sharing transactions using multiple types of structures. oth companies are on track to meet this target and the transactions completed to date have been well received in the market. planning for the scope and depth of risk sharing to sactions to continue expand. while

such as objection to the conservatorship and also propose medical and psychiatric treatment. one of the things that in san francisco that is up to 2012 we are one of the three counties that consistently offers judicial review when there is a recommendation to take away someone's right to refuse medications. the law requires that anyone even in involuntary commit a person the right to refuse psychiatric medication in a non-emergency situation unless there is a judicial find that go this person lacks the capacity or ability to make rational decisions regarding his or her medical treatment. in further response to the need for make sure that treatment is provided and people with psychiatric disability have access to trees and maintain stability in the community, san francisco in 2011, we started a pilot project and that pilot project is called independence in the community, pilot project. it's cipp. this is a collaboration among department of public health, office of the public conservator, san francisco district attorney as counsel for the public conservator and the superior cou

it takes literally an act of god to get a conservatorship on someone. it does not happen in san francisco. there are people in san francisco that desperately need to be in conservatorship. we don't do it here in san francisco, but we should. it's the kind and compassionate thing to do for some people that are at that state of crisis where they can harm themselves or someone else's. i don't think there is people in support of the death penalty, but that's the penalty you are sending these folks to. >> thank you. [ applause ] . the panelist have really given us a terrific overview of different perspectives on this and we are going to get to audience questions in just a few minutes. go ahead and fill out your carts and we'll get to you momentarily. let me start by opening the discussion. i want to start with you kenny dwight and ask about something eduardo vega that said that force is not treatment. that basically the key is to approach people with mental illness with love, kindness and compassion. i know from our editorial page that when we have written a

second, guarantee fees are double what they were prior to conservatorship. reason for the increased fees is to bring the pricing for credit risk closer to what would be required to private sector participants. that level is difficult to evaluate precision. i believe we're getting closer to a level that would encourage more private sector purchase a patient. pursue more fee increases in the near future one of the most direct ways to increase private sector participation and reduce taxpayer exposure is through a reduction in the maximum size of loans the enterprises guarantee. this summer, the president specifically endorsed gradual inductions in maximum loan size. since then, there has been much discussion about reduction of loan risk. last week, i made clear i understood the potential timing issues associated with such a change given the other regulatory changes scheduled to take lace in the markets market -- mortgage market. will follow the practice of announcing the 2014 limits in late november. at which time, further information will be provided on potent

two of the three primary legs of industry are in conservatorship.hat is a status quote i don't think which can maintain. we to look forward. we need to look what we're going around the industry ability to pay qm. any systemic change like that will take a long time to play out. i think we need to do it carefully and snead to plan for it. we need to be transitional with it. no big bang to be had here. i think a big badge is. i think we need to add private capital wings if we can create the right framework for it. . . >> i have to that the we've gone through a period of refinancing. that has always cratered an opportunity to make a lot of money, to do a lot of transactions and make a lot of money. that has comforted us in this time of great stress. so it seems to be behind us, and so now it's the new policy, it's many vehicles that are going to create a dynamic of housing ownership, the acquisition of ownership that needs to be put in place. >> thank you. so mike, let's go back to one of your comments. you said that there are pieces of the infrastructu

known for her role on "cheers," jean filed documents ahead of the conservatorship hearing. and day out. and do my best to provide for his care and well-being. she asked that witnessing the conduct of his children would be, intolerable. and an unpleasant experience for us all, including, specifically, casey. >> keep your feet on the ground. and keep reaching for the stars. >> reporter: on tuesday, a judge denied casey's children's requests, saying a conservatorship is not necessary. and the court determined that the 81-year-old broadcaster, who suffered from parkinson's, is being given at adequate care. >> i think the kids need to build a bridge. >> reporter: the judge ordered that an independent doctor review kasem's medical records and report back at the next hearing, scheduled for november 19th. not soon enough for kasem's estranged family members. >> all this is about, seeing my brother, being able to tell him i love him and know he loves us. >> reporter: for "good morning america," aditi roy, abc news, san francisco. >> tough. and the judge hearing the case has postpone

from getting much worse, was stepping in and putting fannie and freddie into queconservato p conservatorship but that was a time-out, to restructure them, to reform them. and today they're bigger, stronger than ever. and the government in the form of fannie or freddie or the fha is ensuring almost 90% of all residential mortgages. >> fannie and freddie still ensuring 90% -- >> not still. more, much more. it's not fannie and freddie. but fannie and freddie and the fha. fannie and freddie, 80%, but much bigger. if the government is subsidizing mortgages, that means the government is setting price and terms, and we're setting ourselves up for other significant problems looking way out into the future. and so we -- what we've talked about that, we talked about a number of things. but to me, the biggest thing that really needs to get done is to get our economy growing again. so that it's growing -- right now the economy is growing. that's a plus. but it needs to grow faster. it needs to be more competitive if we're going to create the kinds of jobs we need. and only when we create those jobs and

post bubble, post-bernanke world, i was thinking it's been five years since the gses reported to conservatorship and i would've forecast back then the title of this would've been housing finance in the post-gse world, and that just goes to show the accuracy of my forecasting ability which has marked by tiger at the chief economist. [laughter] -- marked my entire career as a chief economist. so what i want to talk about really was for topics generally and then skip around a little bit, the impact of the fed's buying of purchase program going forward, give you sort of a snapshot of what we're seeing in the current lending market, show you a new tool that we rolled out at the nba for looking at mortgage credit, the availability of credit in the market, and then just a discussion of new bubbles since the bubble is in the title so thought i should come up with something on that end. first of all in terms of the federal reserve balance sheet, just a massive growth that we continue to see not only in the total balance sheet with the makeup of the balance sheet. this goes back to may, the gray blue edit

a court filing shows the there seeking a conservatorship and durable power of attorney for his health children to find a their stepmother jean kasem has prevented them from seeing their father. he is known for his years of hosting countdown shows " american top 40, and " casey's top 40 ", he is suffering from parkinson's and disease. he is 81 years old and he retired from his radio hosting in 2009. >> it seems light miley cy rus cannot be stopped. her highly anticipated new album will be released in stores today. enclosed are his " we can't stop " and wrecking ball. she has been in the headline says are much talk about routine on the mtv awards. she poked fun at herself and the controversy what she hosted saturday night live over the weekend. the 20 year-old told the audience that she does not owe anyone an apology. >> welcome back. the time is 5:46 a.m.. we would not take a look at the weather. >> we have 43 degrees in concord and oakland is now in the upper 40's. san francisco, is warmer as 55 degrees. we do have patchy fog along a coastline. as we head into afternoon the temperatur

world, i was thinking it was five years since the gse loss were put into conservative ship -- conservatorship. that just goes to show the accuracy of my forecasting ability, which has marked my entire career as a chief economist. let's see. so what i wanted to talk about really was for topics generally that skipper out a little bit, the impact of the fed's buying of nbs purchase program going forward. give you a snapshot of what we are seeing in the current lending market, show you a new tool that we rolled out the mba looking at the mortgage credit, the availability of credit in the market and then just a discussion of a new bubble since bubble is in the title and i thought i should come up with something on that and. first of all, in terms of the federal reserve's dollars she, just the massive growth that we continue to see, not only in the total balance sheet, but the makeup of that object, this goes back to that sort of gray-blue area on markets backed securities, something that did not hold prior to 2009, but an increasing influence in that market. and if you look at -- this is a chart f

it is just some kind of petition for abuse or conservatorship. children have been seeing him up to about three months ago. now, each child it is my understanding have trust accounts established, so financially they're very well off. if this woman fears the children are going to walk in and he is going to redo his will, split the estate in quarters, that's not going to happen. he already articulated the children aren't recovering under the will, the house is for sale for $40 million. for me, i would go to financial aspect. is she precluding the kids because she thinks he is going to diminish or reduce the estate. other than that, i can't see any reason she would preclude casey kasem from enjoying his children, other than -- >> also could be bad blood between the two. but absent neglect or abuse or evidence of that, i am in accord. it will be very difficult for the children to see their dad. >> again, a lot of this is based on the account from the children's point of view. we tried to reach out to jean kasem for comment. so far we have not heard ba

his daughter has been trying to get temporary conservatorship.e, jean kasem, won't let her and her siblings see their father, much less make decisions about his medical care. the judge says there is no urgent need for him to get any kind of intervention in this case. jean kasem's attorney telling us, quote, the court's refusal to appoint a conservator validates the care being provided by his wife jean during this difficult period, end quote. the judge didn't dismiss the case, gentlemen, he appointed an independent doctor to review kasem's medical records and to report back to him. so avery, if i can ask you first, what are your thoughts about that? >> well, i think it's not forthright to say that it reflects the quality of care. it really doesn't. all the court did was simply deny emergency relief. and you know what, give credit to the judge. he is sticking to it, he doesn't care about the news coverage. he is going to send out an independent investigator and we're going to make sure that the king of countdowns is protected and he will be okay, a

watt was an advocate for all of the policies that helped to drive fannie and freddie into the conservatorship that cost taxpayers so much money. he supported lower capital standards, lower down payments, lower underwriting standards, loan forgiveness. he was opposed to tougher regulations even when it was becoming clear that these institutions were on a downward spiral and soon would need a massive bailout. unfortunately, congressman watt still supports these policies. and if he were confirmed as the director with all of these powers, he could unilaterally reinstitute these policies. now, fortunately at the moment, we have a director who understands his obligation to the taxpayer precludes these misguided policies. i am deeply concerned that if confirmed, congressman watt would reverse that practice and reinstitute some of these very, very damaging and dangerous policies. so, mr. president, for these reasons and for a -- i would say in respect and in honor -- in honoring the clear language of the statute, we have an obligation to not confirm congressman mel watt. and while i think he -- i kno