we found counseling groups to be a positive tool at indymac. >> let me interrupt you for a moment. the things they did was to send out notices to the borrowers and you show them in the notice what you could do for them. for example, when some of the services -- when the notices went out early on -- it would ask people to comment. we want to talk to. people said, nope. i am not going in. they want to tell me they will take my home but when they noticed a notice that says that you 0 x amount of dollars on your loan and we have a loan modification program that can help reduce that long by some percentage and this is how it works or something and you get more people responding. is that true? >> that is absolutely true. we got a response rate with those types of notices with an actual dollar amount for ramifications -- for remodification of about 70%. >> has that been adopted by the administration nor the banks are the servicers or anybody as a way by which to get people coming in to talk to you about a loan modification and not being afraid that this notice is only sent to take away th

one of them went under very early on, a california institution known as indymac bank. at that time time, july of last year we found that the $100,000 guarantee, and that was it. shortly thereafter, as more institutions went down, we found that we increased that level to $250,000. my colleague, mrs. harmon, introduced an amendment which i offered in the rules committee earlier today, which would simply allow us to have a chance to debate that. there are just under 9,000 depositors and a total of $233 million that would be making these individuals whole who have been depositors because the depositors in other financial institutions, mr. speaker, were able to have the $250,000 guarantee provided, yet these depositors at indymac, victimized in the same way others were in the failure of institutions, were prevented from being able to do that we simply wanted the house to debate that amendment so we'd have a chance to make these hardworking men and women, who not -- from not only california but across the country, who happened to be depositors at this institution, to be able

we have also worked together with the indymac and when she was that option when mortgage. -- together at freddie mac. i know we're going to learn about the work of hope now and its impact on these programs. each presenter was then a few minutes giving some updates, background, that will form a cohesive idea. without further delay, tom. >> good morning. i want to give you a brief background in the view of where things are with the making homes affordable program. the basic overview for the program was that it was decided to reach up to three into four million people. the program will run through the end of 2012. the basic thrust of this is to bring borrowers who are at risk of imminent default or at a 60 day delinquency and bring their mortgage payments down to 31% debt to income ratio. the way that is done is that the property has to be owner occupied, have a performing mortgage, cannot be investor- owned, a second home, etc. we can do that for interest-rate reductions, term extensions, and principal forbearances. the incentive structure from the servicers are required to bring down t