first will be jay brinkmann, chief economist and senior vice president of research and education at the mortgage bankers association. jay joint mbaa in 2001 as that of its research group after having worked in portfolio strategy on the dark side for fannie mae. is also then deput deputy chieff staff to the governor of louisiana and taught financial institutions and regulation at the university of houston, and we wonder if in teaching you ever imagine the extent of regulation that you would actually experience lead the next will be mark foley, editorial director of national mortgage news. marquez cover the mortgage business since 1984 so he is now on his fifth real estate cycle, and brings us wisdom accordingly. mark directed in his team that won the george of award for financial journalism and his editorials have won awards from the american society of business press editors and the native american journalist association. third will be desmond lachman, resident fellow at aei, known for its accurate pessimistic forecast. [laughter] previously desmond was a managing director and chief eme

jay brinkmann come you have the floor. >> thank you, alex.when i was looking at the title of this conference of post bubble and ben bernanke world, i was thinking it has been five years since the gst is to have put this into a conservative ship. i would forecast that this would've been housing finance in the post-gse world and it goes to show that the accuracy of my forecasting ability has marked my entire career as a chief economist. [laughter]. so what i really wanted to talk about is, and i'm skipping around here little bit, is the purchase program going forward. what we are currently seeing in the lending market and show you a new tool rolled out looking for mortgage credit and the availability of crediting the market and a discussion of a new bubble since bubbles are part of this title and i thought i should come up with something on that end. there is a massive growth in the makeup of that balance sheet and this goes back to may with the gray and blue area being mortgage-backed securities, something they did not hold prior to 2009. but