cleever about gse reform and also that negative equity has declined. that hasn't been my experience at all. i think homeowners are in a lurch after this recession. a lot of housing in my district deteriorating because you can't lend for needed improvements in the home basic things like roofs, plumbing and so on. i guess i just want to get your insight about the health of the homeowner in this environment. >> i would be happy to follow up, i don't have time. i have tried in a few instances to express the concern that creditworthy borrowers should have access to the market. and there are a number of things we're looking at in that regard. >> the chair now recognizes the gentleman from florida, mr. pozzi. >> thank you, mr. chairman. mr. secretary, in october of 2013 the online publication repealfactor.com, submitted a freedom of information request for documents concerning the intergovernmental agreements with the united kingdom, switzerland and canada. the department promptly acknowledged a request on october 24th, 2013 stated that expedited treatment ha

where it was all about banks, mortgages, gses and the fact that freddy and fannie among the gses, wasw at a rate nobody else could borrow at. they drove the mortgage market. how that turned out is definitely history. it's called a crisis. but when i was doing business as a broker, i remember many times having conversations that none of these products are backed by the u.s. government. although market participants believed in an implicit, meaning kind of not truly written down, but implied guarantee. that proved to be an explicit guarantee. my question now is aren't investors returns becoming an entitlement? and it's not from the standpoint of the united states. it's actually a global scenario. so now let's go to the heart of the conversation -- china. china isn't doing anything that the united states didn't do first. maybe they're doing bigger, maybe they're doing it a little different. but whether it's japan or whether it's europe, whether it's china, the idea of trying to prop up returns in the equity markets, whether admitted or not admitted, is going on. the real issue is how far

i have long said in my predecessors have as well that it would be desirable to see reform, todress gseecide explicitly and self-consciously what is the appropriate role of the government in the mortgage and to try to bring private capital back into the mortgage market. there are a number of ways, different strategies congress could take to a college that. i think it's important for congress to try to resolve these issues. wrote along with other members to treasury secretary lew and copied you with our concerns about the lack of a formalized process for reviewing non-bank financial institutions facing designation. we shared concern about the fsoc need to conduct a thoughtful review of the industry before moving to designate individual insurers. since sending that letter, the fsoc has taken additional steps to understand the acid industry which was needed after the office of financial research report. specifically federal reserve governor carullo has engaged in a market wide analysis and review. taken steps tote understand the insurance industry. do you think it would be appropriate to c

so wasn't just our gses. it was german. question, is that including the numbers are is a in the subprime part? >> that was included in the number. in order to understand the risks that they were taking enough to include also the purchases of these subprime mortgage-backed securities. the problem is that they could the market because in order to comply with the affordable housing goals, they could get credit for the subprime mortgages that were in these private mortgage-backed securities. and so they told wall street, deliver these things to us, we are happy to buy. that's how we got such educated market in private mortgage-backed securities that were backed by subprime loans spent and that aggregates understood why very, very few people. >> unfortnuately. now everyone in this room understand. >> so we are making progress. >> doubles triples. >> thank you for excellent discussion. it's now time for we will take your questions. let me remind you of our rules. version of the weight for the microphone because we are being recor

gse siente mejor queo una desechable incluso después de 10 rasuradas las navajas de mach 3 tienen elel piejo. piojo. no se alcanza a ver completo, dice, no es cierto, sÓlo lo saludÉ. y ve la cara de martinolli con ojo morado. william: y me gusta el hashtag #fuerapiojo. alan: y esta es la carta con el ojo morado, obviamente no fue asÍ. este es el mÁs lindo. william: con la parte de abajo dices "adiÓs piojo" alan: estaremos viendo los memes del dÍa gracias a mi queridÍsimo william. >> este segmento de "despierta amÉrica" es presentado por: neutrogena. la marca recomendada por dermatÓlogos para el cuidado de la piel. francisca: atenciÓn amigas, es des maquillarte no tiene que ser un proceso complicado, ni tomar mucho tiempo, llega eric cuesta con unos consejos para desmaquillarnos correctamente, y tener una piel linda antes de dormir. te di un beso. eric: estoy lleno de besos, pero quÉ bueno que me preguntas todo esto, lo mÁs importante es cuidar la piel y quitarse el maquillaje utilizando aceites limpiadores. francisca: ¿quÉ consejos nos puedes dar? eric: es muy importante, mucha gente

we think it would be desirable to see congress address gse reform to decide explicitly self-consciously, what is the appropriate role of the government in the mortgage market. and to try to bring private capital back into the mortgage market. there are a number of ways, different strategies, congress could take to accomplish that. but i do, i do think it's important for congress to try to resolve those issues. >> thank you, chair yellen. last year i along with other members of the house financial services committee wrote to treasury secretary lew and copied you regarding our concerns about f-soc's lack of a formalized process for reviewing nonbank financial institutions facing designation and we shared concerns about the f-soc's need to conduct a review of the insurance industry before moving to designate individual insurers. since sending that letter, the f-sok has taken additional steps to understand the financial industry. specifically federal reserve governor terrulo has endorsed an in-depth marketwide analysis and an activities-based systemic risk review, but the f-soc has still no

. >> i have long said and my predecessors have as well, we would be desirable to see congress gse address reform to decide what is the appropriate role of the government in the mortgage market, and to try and bring private capital back into the mortgage market, and there are a number of different ways, different strategies congress could take to accomplish that, but i do think it's important for congress to try to resolve those issues. >> thank you. last year, i along with other members of the houses committee copied you regarding our concerns about the lack of a formalized process for reviewing non-bank financial institutions facing designation, and we shared concerns about the need to conduct a thoughtful review of the insurance industry before moving to designated individual insurers. since sending that letter, there have been additional steps taken to understand the industry which were clearly needed after the flawed office of financial research report, and one research report, and one governor endorsed an activities based systemic review, and so do you think it would be appropriate t

it was european gses. and so the question is is that included in the number or is that in the subprime? >> that was included in the number. and they -- in order to understand the risks that they were taking you have to include also the purchases of the subprime mortgage backed securities, and the problem is that they created the market because in order to comply with the affordable housing goals, they could get credit for the subprime mortgages in these private mortgage backed securities. and so they told wall street deliver these things to us we're happy to buy them. and that's how we got such a gigantic market in mortgage backed securities backed by subprime loans. >> and that i agree is understood by very, very few people. >> unfortunately everyone in the room understands it. >> we're making progress. >> it's doubled or tripled. >> thank you for an excellent discussion. now it's time we're going to take your questions. let me remind you of aei rules. first you have to wait for the microphone because we'

i'll add as an aside i've done some dig around too and found that, for instance, german gses, london's banks were very large purchasers of u.s. subprime securities too so it wasn't just ours, it was european. so the question is, is that included in the number, or is that in the subprime part? >> that was included in the number. and they -- in order to understand the risks that they were taking, you have to include also their purchases of subprime mortgage-backed securities. and the problem is that they created market. because in order to, in order to comply with the affordable housing goals, they could get credit for the subprime mortgages that were in these private mortgage-backed currents. and so -- securities. and so they told wall street deliver these things to us, we're happy to buy them. and that's how we got such a gigantic market in private mortgage-backed securities that were backed by subprime loans. >> and that, i agree is understood by very, very few people. >> unfortunately. now everyone in this room understands it. >> so we're making progress. >> well, yeah. it doubles or