on his predecessor and that is, rarely will you find a more astute, finer public servant than ed demarco, who did incredible work and so without saying anything about mel watt, i think it speaks volumes about the administration and -- in replacing ed demarco, who was realy -- and a lot of the path act, frankly is codifying into law a lot of ground breaking work that he's done as head of the shfa. so that will be the polite and avote way i avoid your question. >> why don't we take another estion, but i want to -- add to that, ed demarco is a public servant who does deserve a lot of applause. >> over here on the right. >> mr. chairman, thank you very much. you've done a great job of standing in the flood insurance reform debate for something other than political expediency. i want to ask, can you talk a little bit about the interplay between the housing requirements and the flood insurance program and maybe if you learned anything from that debate about how to get the path act over the finish line? >> i think johnny manziel will o high in the nfl draft. flood. clearly a number of my collea

ed demarco is going to put in increase in. by simply stopping it and pausing that you get to this conversation back to keeping it where it is today which i think is better for the overall market. today. you have to talk about linking in the space that we're talking about on this panel, you have to start there. obviously, i think -- >> the are a lot of acronyms and stuff. >> and guaranteed fees from the fannie and freddie that raise the cost to lenders and consumers of being able to make a mortgage spent which raises the cost. >> and the proposal is going to make it much more draconian than what is in place today. when you think about when the crisis took place, prices increased in for any credit score below 722 is a significant higher cost. you saw people go to fha. we've seen the problems with fha taken place with a fund so as i talk to mel first of all, thank you for doing that. i think you some good folks around them already that understand the housing process. i think that's a great move and he continues to do that. to you

corn and the other digitally their 7 to the stories so this corner drops down especially there's no demarco in this design. the base as commissioner pearlman mentioned is still weak. >> its a more creative solution than the one we saw previously. >> commissioner. >> i had a question about the dates i don't know how this was dealt with but on the west side the sidewalks go down so you've got a a little bit of a well, how was that dealt with before. >> previously in front of the of the store it was next to the street so there's no steps so it ties into the level of the sidewalk. >> one entrance. >> so steps open up on the east and west side so there's a flat side in front of the facade that's set back to gain access to the doors on either side. >> yes. i have some additional comments. i do think the addition of the bays has helped to break up the scale and give scale to the facade and commissioner pearlman stressed it provides more of a rhythm. and i would say that in terms of compatible if you had done a building that's modern we wouldn't like it, it's an iconic expression. so the comparabil

i think ed demarco decided we just didn't want to have a part of this.and i think you're right, had fannie and freddie stepped up a way a number of the banks did and began to allow their portfolios to have modifications, first off, part of the reputation for them would have been enhanced. but also it would have been a net positive for them to do that. ask more importantly and most importantly, we would have helped so many millions more american households to stabilize and to reduce the number of foreclosures that are occurring throughout the country now. it's not over. so there's still opportunity to do that, and i hope we see that. >> and i think it's important just to add that fhfa's own numbers show that it was a net positive to the tax awriters of -- taxpayers of a billion dollars. so it's not as if it's just a political issue and, again, subsidies -- which we talked about earlier. it's actually a net benefit as measured by the fhfa itself under its leader at that time, dimarco. >> so it should be on the list -- >> absolutely. >> okay. jim mentioned

susan demarco johnson is secretary. she is right in front of me. some of the dhs leadership, including alejandro mallorcas. is julia pearson here? the first director of the u.s. secret service, who happens to be a woman. the fema director -- you should applaud for that. [applause] fema director craig fugate. and thomas winkowski. another spoke here recently on strategy. a number of ambassadors and members of two groups, the aspen institute homeland security group is in the front rows, and the homeland security advisory council. these are folks who in various ways, including me -- i am a co-chair and i am on the other group, are trying to give our best advice. leading dhs is a tough job. some of us were the founding mothers and fathers. blending the culture of 22 agencies reporting to more than 100 different congressional committees and subcommittees -- dod only reports to 36 -- and keeping americans safe is daunting. security is my bag, as i said. as a former nine-term member of congress who chaired the intelligence information sharing and risk ass

you know, demarco plants and a flag and said we're not doing this. you know, i think he was wrong. think that fannie and freddie could easily have done a good chunk of that it would have been positive for taxpayers. but it illogically determine that that was no place you want to go, sticking it in the head of the administration, and that's fine. that's his as an unconfirmed director appointed by previous administration to put this of ministration in the eye, but i don't think it was a sensible decision. surf. >> i think it's a political discussion. the end of the day you're right. made sense to do so. do i think that is public policy should be endorsed mac probably not, but at the end of the day and still think you think about this business perspective and see what is best for their management of the portfolio whether a bank balance sheet or frays balance sheet. ultimately is being funded by taxpayer. lester's like it was best. >> you could easily have created some the said among the options for modification this should be considered. whatever is a nice return to the lender in term

susan demarco johnson is secretary. she is right in front of me. some of the dhs leadership, including alejandro mallorcas. is julia pearson here? the forced director of the u.s. secret service, who happens to be a woman. the fema director -- you should applaud for that. [applause] the fema director -- r that. [applause] the met to rector craig few gate. and thomas michalski. -- he spoke here recently on strategy. a number of ambassadors and the aspen two groups, institute homeland security group is in the front rows, and the homeland security advisory council. these are folks who in various ways, including make, i am a cochair and i am on the other group, are trying to give our best advice. leading dhs is a tough job. some of us were the founding mothers and fathers. blending the culture of 22 agencies reporting to more than 100 different congressional committees and subcommittees -- dod only reports to 36 -- and keeping americans safe is daunting. security is my bag, as i said. as a nine term member of congress who chaired the intelligence inform