the jennie mae guarantee and the jennie mae brand is globally recognized and trusted. the strong value of our brand leads to investment in the u.s. housing market from large asset managers, pension funds and central banks across the globe all of which makes lending to low income, first-time, rural and veteran borrowers possible. it would be very difficult for me to overstate the consequences for the u.s. housing market if jennie mae and our partnering federal agency, the usda, va and fha did not successfully police our programs. global capital is drawn to the market in part because of the strength of the united states and its credit worthiness, but if our program is abused or taken advantage of, this capital can and will find other investment vehicles. that would drive up interest rates and make mortgage credit less available for millions of americans. as such, it is imperative that we all work together, those of us here on this panel as well as congress to solve the issue we are here to discuss today. we believe we are seeing abusive practicis by some lenders in the v

michael bright, the executive chief executive officer of the loan association, bet e known as jenny mae. and jeff motley of colonial banking who is an important stakeholder in doubt in this discussion, and finally mr. rock cooper the general counsel for veterans united home loans. thanks for everybody being here, and we certain ly look for hearing from you. and we start with mr. london and you have five minutes for the opening statement. >> good morning, chairman arrington, and ranking member o'rourke and members of the subexit tee. thank you for the opportunity to ap peer before you today to discuss the department of veterans affairs home guaranteed program in the issue of refinancing and the impact it can have on the veteran borrowers. making sure that refinanced loans provide the veterans with the benefit and not future financial harm is a very important matter. no one has helped when a refinanced home ends in the foreclosure. it is important that va loans are facilitating security and mortgage backed securities and contribute to the housing market. today, i am here to share with you