my name is john fenton. we appreciate the opportunity to share our views on housing finance reforms and the value of the 30-year fixed mortgage. credit unions were not because of the recent economic crisis. the credit union mortgage lending has outperformed banked mortgage lending. these are solid products that they could afford. there is no evidence that the collapse of the housing market was due to 30-year fixed mortgage. congress began offering 30-year fixed mortgage back in 1977. this is straightforward and easy to understand and provides a predictable monthly payment schedule. the lending institution assumes the risk associated with interest rate risk increases. having too many mortgages in the portfolio can be cause for examiner concern. we mitigate risk of our portfolio by hedging with interest rate swaps, caps, and matched borrowing. the securitization activities of fannie and freddie help lower the relative cost. the 30-year fixed mortgage may still exist. long-term fixed-rate mortgages will become

is the problem like i said deck chairs rearranged on the titanic ok so here's another image fenton from john kraus in florida and it combines these two things the silver liberation army and the global insurrection against banker occupation history made fresh daily rise up max keiser dot com and r t actually artwork keep it coming yes then more so i want to turn to you know we were talking about for. rod and i want to turn to this little clip with william cave black who we've had on this show he's a former banking regulator who saw fifteen hundred plus bankers sent away to prison for fraud in the one nine hundred eighty s. the beginning of a teen on the scene and let's turn to this clip here on the dylan ratigan show only about a month ago the federal housing finance and ministration filed fraud complaint super ones against seventeen of the largest banks in the world in which it said there is a paper trail that demonstrates the fraudulent intent of these banks where is the justice department and for that matter where is paul krugman who can't be bothered to use the f. word yeah well. bill bla

fenton, you may proceed. >> thank you midranking member johnson of shelby. my name is john willen fenton. we appreciate the opportunity to share our views on how to finance reform and the value of the 30-year fixed-rate mortgage for credit unions are members. credit unions were not the cause of the economic crisis and an examination of the lending data indicates the mortgage lending has outperformed bank mortgage lending during the downturn. credit unions focus on placing their numbers in solid products that they could afford. furthermore, there is no evidence that the recession and collapse of the housing market was due to the presence of the 30-year fixed-rate mortgages. congress gave credit union's authority to offer 30 your mortgage is back in 1977 and has since been our dominant instrument in the mortgage origination. the fixed-rate mortgage is regarded as a consumer from the incident because it is straightforward, easy to understand and provides a predictable monthly payment schedule. the fixed-rate mortgage, the lending institution assumes the risk associated with interest rate ris