mr. sherman from california is recognized for five minutes. >> thank you, madame chair. mr. gregory. the gses created this new uniform appraisal data base, the uad, which is used on all gse appraisals and also for fha. how is it all working out? >> fortunately because of the work that i do, i've not had to complete one of those reports. however, i have heard from dozens if not hundreds of appraisers. >> could you be closer to the microphone? >> i've heard from dozens if not hundreds of appraisers about their experience also from consumers. the uad method of reporting was not implemented to enhance the quality or credibility of an appraisal report. what it does enhance is data gathering. it does not improve an appraiser's performance or ability to accurately or credibly estimate an opinion of value. in fact, i believe it makes the appraisal report more confusing and less useful to the consumer. granted, the consumer is not an intended user of an appraisal completed for mortgage finance transaction. however, the wording in the form clearly anticipates that the borrower will be placing

mr. sherman was talking about. i agree that libor is very important. what i have found to be a continuing divide is between wall street in the main street. you touched on it previously. there is a lot to be done for those individuals who are under water in mortgages and that whole area. i believe we did the right thing, but there are questions. main street says we helped others what happens to me? get a lift up? recently, i saw some out of the box type of proposals. one of which was where governments had to use the legal doctrine of him in the main -- in int domain. using a minute domain to purchase under water market to and work with private -- underwater mortgages and then reissue -- -- homeowners would be able to repair credit ratings of they would not the fault. new investors would be repaid and the taxpayers would be -- nothing would be added to the budget. that is out of the box thinking. have you or the administration thought about that kind of proposal? if you are not thinking about this, what kind of out of the box thoughts to you have to help

mr. sherman. to begin with thank you all for coming to testify today. the district i represent the first congressional district in orie and is home to some diverse agricultural missions and while we may not today be facing the same conditions, that are being experienced in places like the midwest and other places in the country, i want to assure you that we are certainly interested in the conversation that we're having here today i would like to take some of my time to talk about nidis end of the cooperative extension services. the services play a vital role in my community and across the country by linking the agricultural research and the communities and farmers that rely on the local extensions to get information. the thousands of extension offices across the country bring the expertise of the land grant colleges to their communities and surrounding regions in the data that nidis provides is viewed by extension professionals to help my constituents plan for weather conditions. so we have a prevalence of specialty things like blueberry, hazelnut, maki

mr. sherman was talking about. -- i want to go back to something i think mr. sherman was talking about. i found a continuing divide between wall street and main street. you touched on a previously that there is a lot to be done for those individuals under water. i believe we did the right thing but there are a lot of questions now with reference -- even main street said you help the others, why not me? why cannot i get a lift up? i recently saw in the new york times proposals, one of which were governments have used the legal doctrine of eminent domain. using eminent domain to purchase under water mortgages at a fair market ballet then work with private investors to reissue new mortgages with smaller balances to homeowners. homeowners would no longer be under water and will be able to repair the credit said it would not be -- not likely to fall. new investors would be repaid and the taxpayer will not be involved. there will not be anything added to the budget. to me, that is out of the box thinking. have you thought about that kind of proposal? if not, what kind of out of box thoughts y

mr. sherman for five minutes. >> trying to understand. rajesh banks i do the british banking association. other regulators screwed up and didn't catch them. even though they got extraordinary outside help from an ocean away. and so, since the british -- some british bankers life in some screwed up, the solution is obvious. we've got to blame america. in particular we've got to find some american week of blue, preferably one of the opposite political party. i for one can not part of the blame america first crowd. what happened in london has cause i know a lot of private contracts, adjustable mortgage rate et cetera to be out by perhaps half a dozen raids et cetera. that is not anyone consumer and in many cases the consumer benefited in some consumers that ordinary investors for her. today we have attorneys, american attorneys who have forms. they have mortgage form, contracts and they've all got plugged in their libor, one or another kind of libor. it's natural for them to want to have a dollar denominated sensitive mechanism in their cont

mr. sherman is recognize. >> thank you. they have created a new uniform appraisal database. it is used on all appraisals. how is it all working out? >> to wear for the question. fortunately, because of the work i do, i've not had to complete one of those reports. i have heard from dozens of not hundreds of appraisers. >> could you close to the microphone? >> i have heard from dozens if not hundreds of appraisers for their experience. the method of reporting was not implemented to enhance the quality of an appraisal report. what it does enhance is that -- data gathering. i believe that this makes the appraisal report more confusing and less useful to the consumer. granted, the consumer is not an intended user. however, the wording in the form clearly anticipates that the borrower will be placing some credence in that period of the report, according to federal law, is required to be provided to the borrower. that does not improve the usefulness of that report to the consumer. >> at a minimum, when to change out the presence so a consumer can understand it. >> i believe it is n

mr. sherman: let me simply say that i join senator john mccain in calling for these dangerous accusations, unwarranted accusations, to be withdrawn. the speaker pro tempore: for what purpose does the gentleman from missouri rise? >> to address the house for one minute, ask unanimous consent to revise and extend my remarks. the speaker pro tempore: without objection. >> thank you, mr. speaker. i rise to warn of the danger to our armed forces and their families. mr. carnahan: not on the battlefield but here on american soil. the military spending act passed in 2006 stopped much of the predatory lending that once suck its -- sunk its claws into our military families. but loopholes remain. the rent to own industry construct stores outside our military bases while car title lenders and internet payday lenders find ways around the law by creating open-ended laws with interest topping 500%. a counselor at a missouri reports that most service members seeking financial counseling are burdened with expensive rent to own contracts. one soldier earning less than $1,000 a month paid nearly $500 a mont

mr. sherman the amendment realizes the program for five years which is a technical problem in the underlying bill. i listened mr. chairman carefully to you and the ranking members colloquy in life and an extensive discussions with your policy. i understand that plucking out and defining 25 matching requirement in one program quite possibly upset all of the deliberate delegations going on in this regard. so i would suggest that awfully am going to ask unanimous consent that i would advise my amendment and a strike the first three lines which would remove the 25% matching requirement from the amendment coming and i would suggest i would hope that he would accept the rest of the amendment. some will the gentleman yield? >> i very much appreciate the sincere efforts and not only crafting language that moves the important goals forward but its willingness to understand the inter complexities of the farm bill. as i am to stand unanimous consent request which would be to strike the three lines of the beginning of the first page that began with page 380 and once i was stunned and will also be very s

mr. sherman. the question my mother would ask as she's one of your biggest fans is this america laments the fact we can't just do those things we agree on. i think that you are right about that and they lament that in the context of the health care bill. 80% of which america what if every done but americans wanted to push it through their bad way and the transportation bill they can agree so why don't we go ahead and funded the roads we can deal with the revenues that are already coming in and deal with the rest of that leader? >> i wouldn't have characterized that as of the leadership that you have shown over these months. why can't we do those little things that we already agree on? >> i support that leadership. i think we have brought smaller bills to the floor this cycle than the last cycle and there are still some that are too big. will we do better in next time? i hope we will but this sentiment of why can't we just go ahead and do those things that we agree on is that a sentiment that's goi

mr. sherman. >> thank you. those were good questions for the record i appreciate it. let me close out senator lugar does not have additional questions i just have one or two quickly i want to get the record complete here. we will leave the record open for a week and is there are additional questions. at a hearing before the committee a couple weeks ago one of the think tanks out here from the heritage foundation said the u.s. companies are free to explore the sea right now and the of all the certainty necessary supporting investments to drill in the deep seabed. nobody owns the fish it's of a person for themself. in light of this year of 161 nations and the european union zero those that have been mentioned it seems odd to sort of suggest every person for themself approach to this you've interested somewhat here and talked about the certainty and i just want to be crystal clear whether that is an alternative. is that flyable. estimates alternative but i don't think it's viable we could proceed as a nation i think it's very important to recognize the world today is ext

mr. sherman. i yield back. >> chairman bernanke did we appreciate your testimony today and you are dismissed. i might ask the audience to keep your seat until you and your staff exit. you are excused. the chair notes and some members may have additional questions for the chairman. without objection, the hearing record will remain open for 30 days for written questions for the witnesses and responses in the record. mr. schweiker is recognized for unanimous consent request. >> seeing the unanimous consent to place a letter into the record. there are some concerns amounting additional stability on that pcra premium capture reserve accounts. >> everybody is dismissed now. without objection the letter will be entered into the record. >> anyway, this hearing is adjourned. >>> but are changing the nature of the large corporations and that is in fact the amount of time they have to stay on the top of the pack has been incredibly compressed by the globalization, by technology shift, by regulatory shifts an

mr. sherman and of course you are making great progress and we are all appreciative. >> i would like unanimous consent to amendment 108. >> the clerk will distribute that and you are recognized for two minutes. >> unanimous consent to strike the last word. spec the gentleman is recognized for two minutes to this back thank you. this measure deals with a growing industry within the segment of american agriculture and that is organic farming. in 2008, we've really kind of focused on what we knew. this goes back to my earlier comment about innovation and technology and always being at the cutting edge. clearly i think the -- it's no longer being in leche but i think it's as we make progress with our advanced research organic farming is playing more and more of a role. this measure would allow the organics certification for the producers and handlers seeking to market an organic market and the communities throughout the district of the various forms that do take place in which people go on thursday nights and byproducts and produce and they are also gathering opportunities in communities throughou

mr. sherman was talking about. i am understand and i agree that the libor is very important. but what i see a continuing divide between wall street and main street and you touched on a previously that there is a lot to be done for those individuals who are under water in mortgages and that whole area. i believe we did the right thing when we did tarp. but there are a lot of questions. here is what main street says. you helped out others. why not me? why can i not give a lift up? an article in "the new york times" about out of the box- type proposals, whether government had used to the legal doctrine of eminent domain -- using eminent domain to purchase underwater mortgages at a fair market value then have private investors -- then homeowners would no longer be under water and be able to repair their credit rating so that they would not likely default. thus, new investors would be repaid and the taxpayers would not be involved, nothing added to the budget. i first question is, to me, out of the boss -- out of the box thinking -- have you and the treasury thought about that pro

mr. sherman that i'm sure you received to have a broad definition for the qualified mortgage and provide a strong legal safe harbor for the loans that fit these criteria. we need to insure this rule does not overly restrict credit for consumers and increase the cost of credit for borrowers. again, i would like to thank mr. dante for appearing before the committee, our members are very interested in the actions. we must assure that agencies strike the appropriate balance between protecting consumers and insuring there is sufficient access to credit. with this, i would like to recognize, um, the ranking member, the gentlelady from new york, ms. maloney, for the purposes of making an opening statement. >> i thank the gentlelady for calling this hearing and thank her for pointing out that this is the 24th time that the group has testified before congress, but it's always with good news of how we're protecting consumers and how we're moving forward. and just yesterday, and i'd like unanimous concept to place in the record -- consent to place in the record a report, really, from the american b

mr. sherman. i would yield back. >> the ranking member of the full committee, the distinguished gentleman from michigan, mr. conyers. >>hank you, chairman seenbrned gon oinsses this is a difficult matter national security leaks in law. my good friend rom texashe woer sprioay a role, and if there were prominent membs of the administration involved in the leaks. that is what weare her to try hen'mentioned in the names, so i presume he's not sure who's doing at. whdnt inquire ourselves.t we alshave regular power of subpoena if somebody thinks he weught to ta towehould lkthef it's somebody that isn't cooperating with us in this investigation which is a legitimate subject for discussion we should subpoena them. he gtl wilyie imat at off chairman of the subcommittee will as well. if you are going to support our efforts to subpoena individuals from the administration, couldn't ask for more. o itlipol atwi t subpoenaed in the full committee chaired as the same and we could have a good subpoena session. >>

mr. sherman and mr. savage. how do you approach writing about and explain in a decision when there is an uncertainty as to what the court has upheld? the second question, it seems everybody was a supreme court reporter. many wrote admirably. some of them, less so. any interest in anecdotes of the expansion of the supreme court press? >> they are both good questions. >> go ahead. >> the fractured rulings, the outcome was not fractured. that is what everyone cared about and cared about getting it right first. as the day wore on, the reporting became more textured in terms of the fact that there were justices with the chief justice on the question. there was that aspect. it was a case where the outcome itself was not in doubt. i agree with you on williams. it was hard to say anything meaningful about that case. as far as anecdotes, there were a lot of -- a lot more people at the court. a lot more language was being spoken. there were animated questions in french and japanese. some of the commentary, this is not fro

mr. sherman because we just celebrated our 100th anniversary and we took the time to read about why the chamber was founded and why it's basic principles for which were to represent the american business community and represent at the highest level with of the greatest service the country and its needs. we have long supported the robust national defense that we've recently launched a major effort called hiring our heroes to imply veterans by matching them with employers all round the country. it is in this tradition that we support approval of the law of the sea as it relates to national security. at any given time hundreds of u.s. flag ships and ships owned by u.s. companies rely on the freedom of navigation rights codified in the treaty while crossing the oceans. in fact, sea ferry vessels transport more than 95% of all goods imported to or exported from the united states and putting that essential commodities like oil. while we can always rely on the u.s. navy to ensure the lawful passage of the u.s. flag owned ships, the chamber strongly supports the navy's desire to codify rights to freedo

mr. sherman was talking about. i am understand and i agree that the libor is very important. but what i see a continuing divide between wall street and main street and you touched on a previously that there is a lot to be done for those individuals who are under water in mortgages and that whole area. i believe we did the right thing when we did tarp. but there are a lot of questions. here is what main street says. you helped out others. why not me? why can i not give a lift up? an article in "the new york times" about out of the box-type proposals, whether government had used to the legal doctrine of eminent domain -- using eminent domain to purchase underwater mortgages at a fair market value then have private investors -- then homeowners would no longer be under water and be able to repair their credit rating so that they would not likely default. thus, new investors would be repaid and the taxpayers would not be involved, nothing added to the budget. i first question is, to me, out of the boss -- out of the box thinking -- have you and the treasury thought about that prop

mr. roth. >> johnston, he got fired because he didn't win battles with sherman so, if lee would have done the same thing, lee would have been sacked, too, probably. >> yes. and why is this important? >> he wanted to win it. >> yes, it's cultural -- mr. conners. >> that's why you fight spoiling battles. that's why you -- like washington, too, was dependent on public opinion, which is why he did raids and he attacked small detachments when he could pick up a win and say look at all of these guys i beat. >> that's a good point. and this is something -- >> it has to do with their relationship with davis because to say that he would have been sacked just because he wasn't doing anything is kind of a far stretch. for example, up north lincoln didn't fire half of his generals simply because of political reasons who were not doing as well. >> he had to wait a while. sometimes he does. mcclellan is a good example of that. lyndon doesn't like mcclelland early on, and eventually he gets rid of him. it takes a while. what's different about american political culture between the confederacy -- now i'm exp

mr. sherman we've been working on this for about a year we've been discussing with the staff the options the might be available. some members of the department of defense we have options with them as well. i think the most important place that i believe we came with an initial the agreement on is the idea that there are signed during missions that the united states needs to have the united states air force accomplish in the european and african continents. and i think that an during mission is easy to identify and i included that in my answers to the questions if we can agree on that the debate can center on the other requirement the nation may or may not have in the future. and i think that is a policy question. i think it involves both the executive and the legislation bridge of the government. our party actually is fairly simple once the questions are answered it is to tell you exactly what is required and where it is best situated to base the forces to do those types of things that america needs the options to accomplish. >> we are very much interested in the missions and also intere

sherman wolf was a man who loved him some ferraris. he's been described, as a matter of fact, as a ferrari cell lot. mr. wolf died earlier this year.is collection of ferraris and others is going on the auction block. one of those cars going up is -- one of his ferraris is thought to be worth $9 million. i forget which one that is. i think it's the '69 -- anyway. altogether the collection is expected to sell for more than $20 million. >> wow. >> now, here is the important part. the auction takes place next month in pebble beach, california. so you have plenty of time to go to your banneker and get your stuff together and make your reservations. >> and get yourself out

sherman hemsley. even when i sign my autograph they go could you put george under there. >> bill: that that was 14 years ago that interview. mrwas kind of not eccentric he didn't live in hollywood. he lived in texas. he he wasn't around very much. you are younger obviously than me. almost everybody is these days. >> quite younger. >> bill: did you know this show? did you watch this show. >> oh my gosh, i loved this show and i loved all in the family. the interesting thing about this show is that sherman hemsley was actually a broadway actor and nor man lehrer obviously the famous norman lehrer had seen him on broadway and said i have a great part for you in all of in the family. hemsley said no no no and he waited for two years. norman lehrer saved that spot for him. he said yes. we know what happened. another interesting thing weezy isabella sanford they had such great chemistry on the show she in real life was 20 years older than he was. the audiences never figured that out. other thing about hemsley he said in an interview back in '96 he said i am nothing like this guy. i'm just a peace loving hippy kind of guy. nothing at

mr. president, then i'll yield, i have in my office in a very prominent place a picture of two of connecticut's representatives to the constitutional convention. sherman and ellsworth. i have it there because these two were the creators, the source of the so-called connecticut compromise. some people erroneously refer to it as the great compromise. the correct title is the connecticut compromise. this was the conflict between the states that had a lot of population and the smaller states. how were they going to be represented in this new congress? and sherman and ellsworth came up with a great compromise. we'll have one body -- the senate -- where every state has two representatives and another body in the house will be represented by population. i always like to say to people the very institution that we are privileged to be members of was created as a result of a compromise. generally speaking, this congress, which represents, you know, 300 million-plus people, 310 million now, extraordinarily diverse in every way, you can't succeed here, we can't get things done if people say "i must get 100% of what i want on this bill or i'm going to vote against