the enterprises and fhfa work closely with the administration %k%&@ @ @ @ @ @ @ @ @ @ #@ @ @ faha expects to ramp up rabpidly by late summer. in my written testimony, i summarize what went wrong in housing and mortgage p markets, identified some lessons learned, and raised basic questions that policymakers face at this juncture. i will now focus on my thoughts on the potential roles from the federal government in the housing market and some principles i think should guide policy choices going forward. the starting point has to be the future role of the secondary mort market, which connects global investors to local lenders and borrowers. global investors to local lenders and borrowers. doing so helps to lower borrowing costs for home buyers and in part because large institutional investors may be better able to fund mortgages and manage the risk in the portfolios. whatever options are chosen, the country's financial system will continue to require a vibrant secondary mortgage market including the functions performed by the enterprises. there are three specific roles in the secondary mortg

to determine the proper structure and goal going forward, but it is equally important to know that faha is doing everything stable to prevent foreclosures. i am concerned about the housing markets where i come from in south florida, particularly because of the lack of the quantity of staff of freddie and fannie servicing florida. i have heard from loan modification officers and other people in my district who are ready to help fanny with the caseload of foreclosures and the modifications and refinancing, but they are having trouble being approved by fannie and freddie because of the red tape. but my point is that foreclosures are going forward because we do not have the adequate staff. and we know that is unacceptable for foreclosures because there is not proper staff to do the home modifications. we have had some conversations and we recommend and ask that as we work through the difficult time period we have the staff and support to get the modifications working through the process. i look forward to the comments and the working with the members and representatives to accomplish this.