mr. spencer, you mentioned that you had engaged in a consultant to walk through some of the qualified mortgage rules. i think her name was jill. you talked about 1,000 hours that she had to date. >> she's actually on staff. >> she's on staff. >> can you quantify in dollars what it's costing your organization to comply with this rule? >> we estimate that we have invested both human and financial resources of $40,000 to $50,000 over the last 12 months. and to put that in perspective for our operation, we could let you sponsor a house for $70,000 so that's one house we didn't build. >> thank you. i yield back. >> gentleman's time is expired. mr. murphy. >> thank you, madame chair. thank you all for being here. thanks for your time. mr. spencer, i just first want to thank you for everything you do and everything that your organization does for your community and really all of our communities. also want to take a second just

mr. frank spencer, he is the president and ceo of habitat for humanity in charlotte. welcome mr. spencer. >> good morning, madam chair. and ranking member meeks. i'm frank spencer president and ceo of habitat for humanity of charlotte. i'm here today in support of legislation to address several unintended consequences of mortgage regulation reform that threaten the continuing work of many habitat affiliates. i've submitted my full written testimony for the record, and i appreciate the opportunity to share a brief overview of a few challenges being faced by our affiliate, and other habitat affiliates in our collective efforts to comply with new mortgage regulations. habitat charlotte builds new houses, rehabilitates vacant properties, repairs houses, operates a $4 million retail outlet, recycles 1200 tons of steel per year, and currently services approximately 780 noninterest bearing mortgages for its partner families. habitat charlotte has served 1200 families in its 30 years, and is supported by 85 employees, and over 5,000 volunteers annually. habitat greatly appreciates the com

mr. spencer? >> as borrowers have lower income, those ratios actually need to go down to be conservative. so we actually work far below those standards. we try to stay at 30% and so what's critical there is what else -- how much absolute dollars is left to live on and so we try to take a very conservative approach on that measure. >> sure. thank you. would you like to comment? >> if i can add, the original rule did not have dti. it had very general standards. it was at industry's request that a bright line standard was put in place because that's essential to have the certainty needed to get secondary market capital in and if you didn't have the bright line, lenders were going to be very conservative because they wouldn't know where the line was. so i just want to make sure the record is clear. it was industry who asked for brighter line standards including the nba and these are fha levels and i have not heard clamor that fha credit is too restrictive. i hear concerns people think it's too loose.

marks & spencer's down 1.7%. clothing mrs., food mrs. -- clothing misses, food misses. i have looked at some of them trying to buy some of their pieces. 437 is where we are at the moment. mild weather held shopping back. we go from retail up to something slightly left of center, seismic mapping. oil companies are pulling back in terms of the amount of cash they are spending. these guys are one of the biggest norwegian players in terms of surveying and they say they saw a nice low boost going into the end of 2013 into 2014. those are the three main market movers. in terms of currencies, i think what you have got here is -- it is euro/sterling. what you have got here is sterling making it to a level we haven't seen since january of last year. that is one of the pressures for the bank of england. one of the pressures for mario draghi is where is the euro? the value of the euro, the export-focused recovery. today, cif big names ti says the euro is going to peak in the first quarter. commerzbank says it is going to drop to 1.2755. that would be good news for mario draghi bec

mr. kelly. why don't i call the next batch. david cramey, craig, maryann, marlene butler, mira spencer, kathleen silver, shang, martha, tony i do, kathy fong, gary wise and mike diner. go ahead. >> thank you for this very long hearing supervisors. i'm tony kelly on the board of the portillo neighborhood association. they came a year ago and said they are not going to put these boxes in. i need to tell you what happened at one of these box walks. right in front of a fire station and across the street from a full block of vacant public land at the puc. at&t representative said, well, we could consider putting the box inside the fire station or on the block of the public land at the puc but we don't have a response back. do you know who you talked to as these agencies? i said no. it really won't be a big deal anyway because we want it to be on the sidewalk which is more convenient. all of a sudden this standard changed to is there another site to what is more convenient and better for at&t. that is a very different standard from anything discussed and the deal with you guys at the board or in the neighborhoods before and it really

mr. on the ice cold weather let's check in with weather anchor spencer and live doppler 7hd. >> okay start here in our area where things are mild and quiet. fly across the nation to the look at national conditions. in the all across the nation. focus on the northeast and upper midwest where the extreme cold is. temperatures right now 4 degrees in boston. 9 degrees in new york. 15 up in fargo but the actual temperatures don't really tell the full story. it's the wind chill of of coursetor that make it so uncomfortable. factor in the wind, the factor in boston is minus 10 degrees. mine us two in new york. zero in chicago. minus 6 at fargo and going to get colder in all these areas of the upper midwest and the northeast first it hits the upper midwest and start forecast animation 11:00 o'clock tonight. another storm system smaller one than last one but colder one will sneak through in the next 24 hours an coldest air of the season will sweep down in the upper midwest that means frigid conditions for the game in green bay on sunday between the niners and packers. i'll show you just how miserab