maryland, work at the treasury department in the torch to the bush administration picnicked them with mike malloy come an executive in mortgage from banc of america. mike calhoun, president of the center for responsible lending. and, finally, mark fleming is chief economist of corelogic. i'm sure there he are very fun faces to all of you in this room. so with that will go ahead and get started. i want to get the panelists reaction to director watt's speech. there was a lot of pretty interesting meat on the bone, and mike malloy, i would ask you first what you think of the changes that were announced late yesterday. you think those changes on representations and warranties are going to make the lender like bank of america any more comfortable in moving credit overly? >> while i won't comment on specifics of what we don't quite we are still reviewing those, the innocent but i think it's a very positive step. the director said two things about the reps and warrants. first announce three specific items that are announced yesterday for fannie and ready to deliver positive first steps. he also announce