mr. kakamanu: there are a couple of things driving the cost. clearly this is a last five years that is become incredibly regulated. not just regulated from the cfpb to consumer protection standards. the rules driven from an investor standpoint as well. this has changed incredibly over the last five or six years, particularly in the gse space -- i think to some degree this is going to be a part of the business. there will be a high cost business. the other thing we have learned as well is that, really learned powerfully in the last five or six years and this is where i will disagree with laurie's earlier point, when a customer has difficulty making a payment they need to talk to a person. they need help. this is not an automated process for them. there are standard situations when a customer is having difficulty making the payment. the other think the servicing industry has done is investigating in my not just in the technology infrastructure, but the people infrastructure to make sure that is an actual person to work with a customer in default.

mr. kakamanu: it is a good question. i honest and candid answer is i don't know. it is very difficult to be able to predict what that is. i have a suspicion if you normalize costs and companies in servicers can develop efficiencies and how to do things well, not only do costs go down but customer service goes up as well, which is also -- more important in many ways. i don't have a better answer for you. i wish i did. i have a suspicion. i think as we sort -- start a normalized we see two minutes of people, you start to see compliance with the operational excellence. that takes some time to really happen. faith: over here? >> hi. my name is agatha. thank you all for your time and sharing to expertise. i had a question for michael stegman. in your first comment on what can happen after hamp, you mentioned you were in support of a national loss mitigation standard that would make sure that consumers and borrowers are on a level playing field. could you talk a little bit about what you mean? you say you are in favor of a more streamlined modification, income-based, or

mr. kakamanu: i would offer two reactions. i agree on fha servicing. the m predicted ability can cost is extraordinarily high. i want to make knowledge that fha has been doing work in this space. they publish changes earlier this year specifically because of reservation and some other foreclosure timelines. a lot more really remains to be done. we can go into technicalities but i will briefly say it is nearly impossible for servicers to accurately predict the costs when an fha servicing loan goes into default. it is a very difficult process. and what needs to happen there. i had planned to say this, but i will offer a comment about your tech and innovation piece. i have been with wells fargo for 14 years. in 2004 i was working in the online channel. my job was to work in the origination's side. i felt it was an opportunity and online servicing for home loans. i moved into that space and built of the online banking platform for wells fargo at that time. prior to the financial crisis wells fargo invested tens of millions of dollars in an online platform,