mr. demarco. thank you. >> we now welcome mr. demarco is her sole witness in 2009 president obama designated mr. demarco as acting director of the finance agency, regulator fannie mae, freddie mac and the 12 federal thanks. mr. demarco is a civil servant with over 20 years of housing how was the experience, including stints at gao, treasury and au fait o. he holds both a ba and a phd in economics. without objection, mr. demarco's full written statement will be made part of the record after his oral remarks. members are advised that mr. demarco will be excused as her witness at 12:30 today. welcome to our committee again. you are recognized for a summary of your testimony at this time. >> thank you, mr. chairman. chairman has to latecomer it could number waters, and please to be here to testify. i submitted a detailed statement of work to engage in activist is the two essays on important topics discussed. fannie mae and freddie mac were the enterprises and conservatorship for 4.5 years. they were never intended -- [inaudible] >> th

mr. chairman. thank you for holding this important hearings. i like to start off with by thinking edward demarcounder teams. edward demarco should be commended for his outstanding public service. and his determination to stand up for the american tax payer and for the american homeowner as well. he does so against a command is pressure for those who'd like to look at these enterprises as her is her own piggy banks, if you will. he plans to continue the process of transitioning some of the credit exposure outside to the private sector. so everyone can agree, i think, that having over 90% of the housing market back by the federal government is completely unsustainable. i believe the changes will allow us to examine new approaches and better ways to facilitate private sector involvement. ..