i am ellen seidman. a couple of additional points about why we should not settle should 10% less than 2001 level mortgage market. we do run the risk of facing future policy on a very strange last eight years and we should not be doing that. leading beside the aspirational issues, if we do not keep the housing market ladder robust, it becomes difficult for people to move up and for people to move out. that has significant effects on the economy. the boomers are going to release somewhere between 10.5 million and 11 million homes in the next 10 years. who is going to buy those homes? if we don't have a system to buy those homes, it is going to be a difficult transition. it is different in different locations. an interesting implication is for years we have talked about the importance and this was a critical element during the impression when fannie was created, the notion of having a housing market that was the same all across the country. now we are recognizing we have different markets. what does that me

i am ellen seidman. a couple of additional points about why we should not settle should 10% less than 2001 level mortgage market. we do run the risk of facing future policy on a very strange last eight years and we should not be doing that. leading beside the aspirational issues, if we do not keep the robust, itket lattedder becomes difficult for people to move up and for people to move out. that has significant effects on the economy. the boomers are going to release somewhere between 10.5 million and 11 million homes in the next 10 years. who is going to buy those homes? if we don't have a system to buy those homes, it is going to be a difficult transition. it is different in different locations. an interesting implication is for years we have talked about the importance and this was a critical element during the impression when fannie was created, the notion of having a housing market that was the same all across the country. now we are recognizing we have different markets. what does that mean for th