mr. pierce, is recognized for one minute. >> thank you, mr. chairman. i appreciate the opportunity to participate in this hearing. it's good to see mr. thomas here. the mortgage crisis that we have found here, the banking crisis, to me is fairly simple and straight forward. we just poured too much money into a market we did not run the background checks, we didn't have the documentation for the loans, and then we built securities on those loans. and the whole system was built on thin air, and began to collapse very readily. the fact that we couldn't get a report that actually clarified that completely with agreement among all the members, talks about the politicization of that process. so i'll be interested to hear the testimony of the panels, and thank the chairman and yield back. >> thank you, mr. pierce. the gentleman from illinois, mr. dole, for one minute. >> thank you, mr. chairman. and i certainly want to thank the witnesses for their time. for their effort and service to the commission, and to our nationment by my account, we've had 47 economic

mr. pierce's questions of a few minutes ago. did you compare how well mortgageserformed that were originated by the depository situations that they would encourage lending to that were purchased by fannie and freddie versus mortgages to the same kind of borrowers originated by nondepository institution. government policy having nothing to do with that? >> did we compare the performance of loans made under cra -- >> bought by fannie and freddie versus loans to the sail kind of borrowers. >> i can't speak to that specifically. i do know we looked at studies that showed that approximately of the high-cost loans under the good proxy for cr, about 6% of the high-cost loans remain under cra. they looked at neighborhoods and found out to similar borrowers, cra loans performed better than those loans ma by noncra regulated institutions. i will have to get back to you, sir. >> i don't have much time. >> a quick response to that. the overall portfolio wasn't that b for a period of time compared to the newer stuff coming on. once freddie a

mr. pierce's question a few moments ago. did you compare how well mortgages performed that were originated by institutions subject to the cra to the bar where is the cra would encourage lending to that were purchased by fannie and freddie versus mortgages to the same kind of borrow words originated by not other institutions, by investment banks, private security either is, government policy having nothing to do with that? >> did we compare the performance of loans made under cra by fannie and freddie -- [talking over each other] >> the same kind of borrow where is. >> i can't speak to that. we look that studies that showed that approximately of the high cost loans, 6% of the high-cost loans were made under cra. they look that neighborhoods and found out that similar bar workers, cra loans performed better than those loans made by non cra regulate institutions. to your specific questions i have to get back to you. >> not much time but do you have an answer? >> a quick response. the overall portfolio wasn't all that bad for a