we have an fha loan which i know has a lot of penalties. we want to be able to buy a house but it seems impossible to come up with a down payment, closing costs and the difference on top of paying our current mortgage. i was told that maybe we should rent our place, but i really don't think anyone would pay the amount needed to cover the mortgage, condo fees, with no utilities for one bedroom. >> wow. >> i was thinking of refinancing, to try to save for next year but then i don't want to get hit with a 2% to 4% fee for the loan payoff with the fha loan. we don't know who to turn to and it's difficult with a 1-year-old in such a little space. >> wow. >> that's a tough situation. david? >> i hear the baby in the background. let me give you some great news, your baby has no idea what size apartment you have. and she's not going to know for the next 12 months. so here's what i would recommend. enjoy your home. let me count your blessings for a second right now. you're not losing your house. you're not behind on your mortgage payments. you're no

our bill does not include the administration's proposal to refinance private loans through the fha or the administration's proposal to pay closing costs of borrowers who agree to shorter loan terms. finally, some but not all of the refinancing provisions were addressed in the loan affordable refinance program expansion also called harp two. for example harp two removed loan to value cap for underwater homeowne homeowners. fa scaled back lender liability, which lenders cite as an obstacle to encouraging them to extend refinance loans in harp two. but fha -- fa did not squal back representations and warranties, liability for cases when a different servicer was refinancing the loan which has led to a lack of competition among lenders that has resulted in much higher interest rates for borrowers. we need to inject competition and market forces into this market where services have arn unfair monopoly on refinancing certain borrowers who effectively have no choice but to use their original lender. some obstacles at the hearing, my statement will flush it out. one of the last aspects of the

you've hit on the key point which is, there is no question that by refinancing these loans into fha loans, that there is some additional risk that we add. because of that transfer. i think the fundamental questions are, first, how do we minimize that risk? and by both focusing on current loans that meet additional underwriting criteria, and by lowering those costs, these are safe loans to begin with. second, that the -- by fully paying for it we are offsetting any expected losses that might come. and third and most importantly, none of that calculates in exactly what you're talking about, which is, there is enormous potential upside, if we can just move house prices a few percentage points through this broad-based refinancing. the benefits to the taxpayers through improvements in the performance of fannie mae and freddie mac, fha, and the broader lift that the economy would have, are all potentially enormous. and so the benefits of doing this, we believe, substantially outweigh any potential risks. and we've tried to find -- we want to work with the committee to find as many ways to offse

fha. remember them? across all loan categories, 7.4% of all fha loans were in default. more on that coming up. on deck, was i right to be upset over capitol hill's bashing of jpmorgan? and how does my rant -- >> yeah, your rant yesterday. >> stack up with the likes of cramer, santelli. >> we're going to discuss that, play back for you. gm calling facebook a clunker. the pontiac aztec. >> and as we go to break, what data point is this? steve, do you have a guess? this is our mystery chart of the day. tweet us. we're going to reveal what chart you're looking at coming up later on in the show. stick around. tdd# 1-800-345-2550 we're hitting new highs. tdd# 1-800-345-2550 and i'm on top of it all with charles schwab. tdd# 1-800-345-2550 tdd# 1-800-345-2550 i use streetsmart edge and its tools like... tdd# 1-800-345-2550 screener plus - i can custom build my own screens tdd# 1-800-345-2550 or use predefined ones. tdd# 1-800-345-2550 and i can trade wherever i want, tdd# 1-800-345-2550 whenever i want. tdd# 1-800-345-2550 the kicker? tdd# 1-800-345-2550 i pay $8.95 a trade. t

but you can possibly qualify for an fha loan and only 3.5% down. so if you save $300 a month for 15 months you'll get there. you'll be able to make that down payment of a little under $4400. what i'd like you to still do, though, is try to find if there's anywhere else that you can cut your expenses so you can start to roll down that student loan and call and see if you can get an automatic payment program, which you're not already doing. also when you do that you can get a lower interest rate. so that's something that you really want to look at, too. and definitely hit those private loans first, and then start paying down the federal loans. >> all right. lydia. that's a cutie. thanks, appreciate it. >>> now to the phone lines. head to burnsville, minnesota. john is on the line. good morning, john. >> good morning. >> what's your question? >> well, thank you for fielding my question this morning. we, my wife and i, have done a pretty good job there saving for retirement. when we have -- we will have four sources of income on reaching retirement, a

congressional action was to give opportunities for refinancing for folks with a government-backed loan, an fha- backed loan. but in order to expand that opportunity -- we want to include everybody; people whose mortgages aren't government- backed. [applause] and in order to do that we've got to have congress move. there's absolutely no reason why they can't make this happen right now. if they started now, in a couple of weeks, in a month, they could make every homeowner in america who is underwater right now eligible to be able to refinance their homes -- if they're making their payments, if they're responsible, if they're doing the right thing. and think about all those families saving $3,000 on average a month year-- that's a huge boost to our economy. and for some of you who are underwater, you might say, instead of spending that money i can plow that back into equity in my home, and build that back up, which would further strengthen housing prices here in nevada and around the country. so it's the right thing to do. there's already a bill in the works. it's supported by independent, nonpar

more than 30% of loan modifications for fha loans for 2010 redefaulted within a year. >> i think thetainly shows that if you move principal down, the person feels like they are a homeowner again. i think this is one of different ideas that they are having and we should realize that this is not really an inherit problem from countrywide, trying to be equitable and fair as possible. it's a one by one solution. there's no mass silver bullet solution. it may have sounded like this in the press release but it's putting more money in the pot for those that are worthy. >> other people are going to end up paying for this on the back end. b of a is going a $5 billion hit and make it up. >> first of all, it's equivalent of a payment that is five large services have to make so that money is already -- has to be alt located over the next two years for this. there is t.a.r.p. money for this program. this is in three ways. you have to start with a refinance. if you can start with a person with a refinance, everyone wins. you can capture it at the back end. if that doesn't work, you go the final st

illinois now has twice the rate of loans in foreclosure as california does. another problem area, the fhauent in q-1. but of fha loans, 12% were delinquent. plus, fha loans are climbing up to 29 basis points to 3.83%ment we're clearly on the backside of the foreclosure crisis. but judicial states are still taking far too loaning to process the bad loans and that is still jamming the system. the mortgage servicing settlement and more aggressive loan modifications may come back to bite us as those loans could redefault. for now, most of the numbers are coming down. simon? >> okay. good news. thank you very much for that, diana. let's check where we are in the markets. 26 merz of tmbers of the dow ar positive. a bounce back today. the dow is still down about 4%. interestingly today, it's the likes of energies and industrial that's are doing reasonably well, beaten down sectors for all the reasons we talk about so often and, of course, we just looked at the oil price and, again, the loss that's we have there today. let's have a look at the move today. that is impressive. almost three to one a

congressional action was to give opportunities for refinancing for folks with a government-backed loan, an fha-backed loan. but in order to expand that opportunity, we want to include everybody. people whose mortgages aren't government-backed. and in order to do that, we've got to have congress move. there's absolutely no reason why they can't make this happen right now. if they started now in a couple of weeks in a month, they could make every homeowner in america who is under water right now eligible to be able to refinance their homes if they're making their payments, if they're responsible, if they're doing the right thing. and think about all those families saving $3,000 on average a month. that's a huge boost to our economy. and for some of you who are under water, you might say instead of spending that money, i can plow that back into equity in my home. and build that back up. which would further strengthen housing prices here in nevada and across the country. it's the right thing to do. there's already a bill in the works. it's supported by independent nonpartisan economists, it's supp

our bill does not propose refinancing private loans through the fha, or the administration's proposalree to a shorter loan terms or paying closing costs. finally, some, but not all, of the refinancing provisions were addressed in the affordable refinance program expansion, also called harp 2. it removed loans for underwater homeowners. fhfa scaled-back liability for representations' and warranties, which was seen as an obstacle for refinancing loans for same service or refinancing in harp 2. but they did not -- we need to inject competition and market forces into this market, where services have an unfair monopoly on refinancing certain borrowers who effectively have no choice but to use their original lender. one of the best aspects of this refinancing act is that according to preliminary cbo estimates, it will stop bailouts and save taxpayer money because fewer homeowners will default if their mortgage payments are lowered. therefore, we have been told that we do not even need to consider some of the points we were going to add. i think this is a slam-dunk for both homeowners and th

congressional action was to give opportunities for refinancing for folks with a government-backed loan, an fhabacked loan. but in order to expand that opportunity -- we want to include everybody; people whose mortgages aren't government- backed. and in order to do that we've got to have congress move. there's absolutely no reason why they can't make this happen right now. if they started now, in a couple of weeks, in a month, they could make every homeowner in america who is underwater right now eligible to be able to refinance their homes -- if they're making their payments, if they're responsible, if they're doing the right thing. and think about all those families saving $3,000 on average a month year-- that's a huge boost to our economy. and for some of you who are underwater, you might say, instead of spending that money i can plow that back into equity in my home, and build that back up, which would further strengthen housing prices here in nevada and around the country. so it's the right thing to do. there's already a bill in the works. it's supported by independent, nonpartisan economi

refinance is because the only thing we could do was refinancing norfolk with a government backed loan. an fha backed loan. but in order to expand that opportunity, we want to include everybody. people whose mortgages aren't government backed. and in order to do that, we've got to have congress move. there is absolutely no reason why they can't make this happen right now. if they started now, in a couple of week, in a month, they could make every homeowner in america who is under water right now, eligible to be able to refinance their home if they're making their payments. if they're responsible, if they're doing the right thing. and think about all those families saving $3,000 on average a month. that's a huge boost to our economy. and for some of you who are under water, you might say, instead of spending that money, i can plow that back into equity in my home. and build that back up. which would further strengthen housing prices here in nevada and around the country. so it is the right thing to do. there is already a bill in the works. it is supported by independent nonpartisan economists.

the first would provide borrowers whose loans are not guaranteed by fha when the gse access to simple low cost refinancing. so long as they are current on their mortgage, meet a minimum credit score, have a loan with an fha conforming loan limits, and are currently employed. the program includes features to minimize program costs, including establishing loan to value limits. lenders interested in refinancing underwater loans would need to qualify, relieving the strain on the borrower and reducing risk on taxpayers. while this program would be run by fha, it would be financed from a completely separate account from fha. but by the source, we will eliminate any expect the cost to the taxpayer. i am pleased that senator feinstein has drafted this critical legislation. the second proposal is developed by senator menendez and senator boxer, would allow us to clear it the remaining barriers for borrowers with gse and loans. while transport 2.0 have given people the opportunity to refinance, including those who have echoed in their home, and to ensure these families aren't left out, we suppo

we've done that in fha recently, put out new regulations on indemnification for fha loans. we need that to happen for fannie and freddie loans to clear away another piece of this -- >> sure. mr. lockhart, would you care to jump in on that policy aspect? >> i agree with the secretary that the putback risk is one of the reasons that banks are doing less origination of lower quality, lower fico, lower credit score mortgages at this point. and, certainly, that needs to be clarified. i remember fighting with fannie four or five years ago to put back mortgages with countrywide, and they wouldn't do it because they were their biggest customer, and they didn't want to insult their biggest customer, and now the pendulum's swung probably too much to the other side, and we do need different standards on that. you know, one of the issues, the private label securities that have not really been touched as much as they should in this whole process. they only represent about 9% of the mortgagings, fannie and freddie 55 percent of the mortgages, and so we need more, and the settlement helpe

you've hit on the key point that there is no question that they refinancing these loans into fha loans that there is some additional risk that we had because of the transfer. i think the fundamental questions are first, how do we minimize that risk? and by both focusing on current loans that meet additional underwriting criteria and by lowering those caused, these are safe was to begin with. second, thereby fully paying for it, we are offsetting any accepted losses that might come. and third and most importantly, none of that calculates exactly which are talking about, which is there is enormous potential upside if we can just move house prices a few percentage points for this broad based refinancing , the benefits to the taxpayers to improvements in the performance of fannie mae and freddie mac, fha and the broader list the economy would have for a potentially enormous. and so, the benefit of doing this, we believe substantially outweigh any potential risk and we've tried to find and we want to work with the committee to find as many ways to offset those risks as possible. >> thank yo

there is no question that by refinancing these loans into fha loans that there is some additional risk that we add because of that transfer. how do we minimize that risk? by focusing on current loans that need additional underwriting criteria and by lowering those costs, these are safe loans to begin with. we are offsetting any expected losses that might come. none of that calculates exactly what you are talking about. there is enormous potential upside if we can move house prices a few percentage points to this broad-based refinancing. the benefits and the broader lift the economy would have are potentially enormous. the benefits of doing this we believe substantially outweigh any potential risk and we're tried -- we want to work with the committee to find as many ways to offset the risk as possible. >> thank you, mr. secretary. i look forward to continuing to work with members of the committee and the administration on that issue. >> thank you. >> secretary donovan, thank you for your testimony this morning. i have the utmost confidence -- i think he will do it nice job as the monito

one, the type of loan you get, fha or government-backed loan versus a conventional mortgage and, two,ings that he was in. believe it or not you could be in a chapter 13 where you reorganize debts and pay them off over a period of three to five years and you could get a mortgage one year and get a mortgage one year after you file bankruptcy and get it in while you have bankruptcy proceedings and your trustee and i've gotten back on the right track, but legally you can do it. the government wants to make sure that people don't just walk away from homes and foreclose and get it again, so the one to three-year time period is the general rule. >> thank you, guys, just send us an e-mail any time to help desk@cnn.com. >> well, here's something you don't see every day. a man -- let me say this, riding a unicycle across the blej bridge and yep, we're blurring out the tuckus because he's naked and he was charged with indecent exposure. >> the officer kept his distance as best he could. obviously, he wasn't armed as we could tell and we did what we had to do and we cuffed him and moved him to th

loans they are refinancing? how would menendez boxer bill remove those barriers? >> appreciate the question. so i can't speak to what the fha denies or doesn't deny. from a practicality perspective we have conversations with gs. on a regular basis. we've looked at the guidelines and understand how they operate. if i'm originating a loan, i have to fully underwrite income, assets, everything associated with it as i would with a normal loan. a servicer does not have to do that. there is no verification of income, no verification of assets. it's a very streamlined process. so it's faster for the servicer but there's also less risk. at the end of the day if we originate a loan and document income and assets and for some reason there's a mistake in that origination process the gse will put that loan back to us. when you take a look at the ltd -- gse on the risk. when you start looking at increasing loan risk to values above 25% you're going to see those loans, somebody under water will have a prior propensity to default. when that happens a person that has more risk such as a new originator today they will buy more loans back th

we should recognize that there are big barriers to leaving getting a fanny or freddie or fha loan today. whether it is credit screens are the things that are stopping a significant number of those folks who could be successful with a mortgage today. a lot of that has to do with the uncertainty that we have around the foreclosure process, around the servicing process, and also around the origination process. what was so important in addition to the servicing standards was creating a foreclosure standard that was stronger, but consistent. the nightmare scenario was more than a decade of litigation in different states to run the country that came out with different results in the end. what we need is a third leg to that store, in addition to the standards, is buy back standards. without congressional action, it is critically important for fh fa to do. we have done that. we need that to happen for fannie and freddie loans to clear away another piece of this uncertainty. >> would you care to jump in on this? >> i agree with the secretary that the put back risk is one of the reasons that bank

it was -- only for fha loans. it no point to exist once outside of the charting legislation went and created a new securities market. of course you can wind them down. the whole notion where we won't have fixed rate loans without them. their intermediaries. there's got to be investors on the other side. you can't do anything unless you can sell it. it turns out that when these constitutions were created and when we got the dependent on fix rate mortgages, not 85% of the market on the other side was fix-rated liabilities. it was life insurance companies we had relatively low inflation. when you go back to the 1980s everybody has fixed rates liabilities going on. that's down to about 15% of the market. there are none. it's all hedged to inflation. nobody wants that. there's a small other side of the market if you want a fix-rated loan that's a pure gamble on your part if you can pay it off, if interest rates go down. you have to pay for it. they're not going to change the price until they're getting subsidies. >> poi

we should recognize there are big barriers to even getting a fanny or freddie or fha loan today. whether it is credit screens or other things that are stopping significant number of those people who could be successful home owners today, a lot of it has to do with the uncertainty that we had around the foreclosures and also around the origination process. what was so important in addition to the servicing standards was creating a foreclosures standard that was stronger -- the net mercenary it was over when decade of litigation in 51 states around the country that came out with different results in the end it. what we need is a rich nation by backed standards. i think that is one of the things without congressional action that is critically important for fha to do. we have done that recently. we need that to happen for fannie and freddie loans to clear away another piece. >> would you care to jump in on this? >> i agree with the secretary that the cutback risk is one of the reasons banks are doing less origination of low or five ago, lower credit score mortgages at this point. tha

one the type of loan you get. an fhant-backed loan versus a conventional mortgage and the type of bankruptcy pr proceeding you were in. you could be in a chapter 13, you can actually get a mortgage one year after you file bankruptcy. you can get it while you're in bankruptcy proceedings. you have to show a lot of stuff to the bankruptcy court and your trustee. i have been making all my payments on time, i have gotten back on the right track, but legally i can do it. the government wants to make sure that people don't just walk away from homes and foreclosure and then get it again. that one to three-year time period is the general rule. >> thank you, guys. if you have a question you want answered, just send us an e-mail anytime to cnnhelpdesk@cnn.com. >>> amazing news if you're shopping for a mortgage. alison kosik is live at the new york stock exchange. you have some good news for us, yes? >> it's the second straight record low for mortgage rates. a 30 year fixed is at 3.83%. look how cheap it's become to borrow money. l

congressional action was to give opportunities for refinancing for folks with a government-backed loan. and fhaacked loans. but in order to expand that opportunity, we want to include everybody, people whose mortgages aren't government-backed. [applause] and in order to do that, we have got to have congress move. there is absolutely no reason why they can't make this happen right now. if they start now, and a couple of weeks, in a month, they could make every homeowner in america who is underwater right now eligible to be able to refinance their homes and if they are responsible and doing the right thing. think about all those families saving $3000 an average on month. that is a huge boost to our economy. and for some of you who are underwater, you bite say instead of spending that money, i could plow that back into equity in my home and build that back up. which would further strengthen housing prices here in nevada and around the country. so it's the right thing to do. there is already a bill in the works. it is supported by independent, nonpartisan economist and supported by industry leaders

congressional action was to give opportunities for refinancing for folks with a government- backed loan, and fhaacked loan. to expand that opportunity, we want to include everybody, people whose mortgages are not government act. in order to do that, we have got to have congress move. is absolutely no reason why they cannot make this happen right now. it they started now in a couple of weeks, in a month, they could make every home owner in america who is under water right now eligible to be able to refinance their comes, if they're making their payments, do the right thing. the gimmick about all those families sitting to thousand dollars a month -- as a huge boost to our economy. for some of you who are under water, you might in say instead of spending that money, i can plow that back into equity in my home and build that back up. this would further strengthen housing prices in nevada and around the country. it is the right thing to do. that is already a bill in the works, supported by independent, partisan economists, industry leaders, congress should pass it right now. let me say this -- maybe

thing we were told is if you have lower than a 660 credit score, you likely cannot get a loan outside of the fhaet's start with a good down payment that is 20% down or $60,000 cash to spend. at 750 fico score, your rate is going to be 3.625. that's $1,094 a month. now, a 660 fico score will up your rate and barely different from your monthly payment. now, drop your investment to 10% or $30,000. if you have great credit and your rate is just a bit higher at 3.75%, but you will have to pay mortgage insurance. and that's going to bump your monthly payment up to $1,425. with a lower credit score, your rate goes up to 4.125%, but, again, just a $50 difference a month. it's the insurance that's the big difference here. and it's not the credits. let's say you have to go with a very little to -- little down payment, you can't do none. you will go to the fha. that's 3.5%. you need $10,500 down and your rate will still be low at 3.75 with good credit. but you have to pay the monthly premiums. and that's bumping you up to $1,642 and that does not include the up front premium of 175 basis points on the amou

one, the type of loan you get. if it's an fharnment-backed roan vers eed conventional mortgage. and two, the type of bankruptcy proceeding. you can be in a chapter 13 where you reorganize your debts and pay them off over three to five years, you can get a mortgage one year after you file bankruptcy. you can get it while you're in bankruptcy proceedings. you have to show a lot of stuff to the bankruptcy course and your trustee. i've been making all my payments on time. but legally, you can do it. the government wants to make sure that people don't just walk away from homes and foreclose and get it again. that one to three-year type people yod is the general rule. >> if you have a question you want to answer, just send us an e-mail at anytime to cnn help desk. >> with test drives in carson city and on the las vegas strip, this will test the technology on las vegas's public roads. this is ahead of mother's day. >> here's the deal. we're giving people softball ideas. do not mail it in this mother's day. >> doing it for you moms. numb

it depends on two things, one, the type of loan, if it's fha or government backed.be in a chapter 13 where you organize your debts and pay them off you can get a mortgage one year after you file bankruptcy. you can get it while you're in bankruptcy proceedings. you have to show a lot of stuff to the bankruptcy court and the trustee, i'm on the right track but you can do it. the government wants to make sure that people don't just you know, walk away from homes and foreclose and get it again so. that

in this additional strategy for non-fha borrowers, do you envision this in terms of refinancing first mortgages or first and second together in terms of the 140% loan to value and how the write downs would occur? >> first of all, senator, let me just echo your point, which is this isn't just an issue of the economic benefits that broader based refinancing would have for families, for neighborhoods, for the economy overall and for the taxpayer through improvement in the performance of loans. this is about fundamental fairness. the idea that is it exactly as you say. any time you talk to a homeowner, it's very rare they would know what type of loan they have. and it just seems inherently unfair to the president, this is a point he made in the state of the union address, a family who is doing all the right things, paying their loan, despite whatever challenges they may have, can't benefit simply because they have a different kind of loan from somebody else. so one of the important points to us is this issue of fairness that you raise. in terms of the question that you asked in addition to that, i'm sorry, can you remind me? >> the first and second, wh

the federal home loan bank to make one of the many pieces of the puzzle for financing available for the project. they are participating with us. it is important to mention matt with cal fha and msha. without these sources of funding, projects like this cannot happen. it is all the various sources including the redevelopment agency that allowed a project like this to function without permanent debt. people who really need support to housing do not have the kinds of income that are going to be able to support debt. it is due to rda funding, proposition funding. i encourage us all to keep working to make sure these sources of financing or substitute sources become available so we can keep doing these projects. thank you very much. [applause] >> my name is calvin welch. unaccustomed as i am to speaking with brevity in public, i have taken the opportunity to beat the bet that i cannot do this in two minutes. i have written my remarks. rene was part of a movement of community-based people committed to providing housing opportunities in san francisco. through his and others' efforts, 25,000 units a permanently affordable housing have been produced, a record unequaled in the uni

i think loans that might not ever be paid back -- >> i see that there is a consensus in the market that fha does struggle to manage risk, and i think moving forward, greater attention should be placed on the need to ensure that taxpayers are protected and that they are appropriately pricing for the rest that they take on. >> mr. chairman if i could, have one quick last question. explained for the record quickly how the default rate on homeownership is much higher than the multifamily? is it because people have put more money down on multifamily loans? mr. zandi? >> we have had testimony that the foreclosure rate with freddie mac and fannie mae on multifamily properties is very low. whereas on the foreclosure rate on single families it's pretty high. >> in the current environment that is very true. the market is being driven by very strong absorption because of the foreclosure price and because of the demographics but in a normalized market on average over time historically single-family mortgages have worked better than multifamily. >> senator menendez was on the floor doing other business

fha has said if you have a loan, they will consider giving awe new loan after three years. reason for that is 'cause you can't file bankruptcy for many years down the line and a lot of your debts are wiped out. so i don't want our viewers to think that bankruptcy is the kiss of death. it is the last resort. but we're going to start talking about it the next several weeks, really helping people get back up on their feet after their dream was shattered. >> gretchen: so how do you decide your next move in order to rebuild your dreams if you've gone through either one of these two things? >> i am very much a believer in credit counselors. i think anybody that's been through a short sale, a bankruptcy or foreclosure should seek out a good credit counselor or a good lawyer that specializes in credit because there are tricks to the trade, gretchen. they have ways of trying to build your credit up. people need to start learning how credit works, how fico scores work and by getting some good counsel, that could help rebuild their future so they can own again. that's what we want in

there is a move to make all loans comply with that. go to the fha office where restructure programs may be possible to help you with your situation. first, talk to in the glow of a charter -- amy globochar. host: senator isaacson is in his second term in the senate. he serves on foreign relations, commerce and transportation. he also co serves bj he also serves with health, education labor -- he also serves with health, education, labor and pension. he worked in the realty market and served in the u.s. house of representatives. senator isaacson, wanted to ask you your opinion on micro unions. use land approval of a micro union within bergdorf goodman. -- use land approval of a micro union within -- you slammed in my career union within bergdorf goodman. talk about that. guest: the national labor relations board just approved last week a request to organize the shoe department in bergdorf goodman. just the shoe department, not linens, not lingerie, not outdoor goods, nothing, just shoes. if we go to the principal and start organizing companies in mic