if that is the case, what we're recommending -- what ms. kelly is recommending is there be a delay in the hiring. that, we would concur with. >> yes, i agree. that is correct. supervisor chu: colleagues, can we entertain a motion to set the budget analyst recommendations on page 68 and with regard to the attrition savings items, they withdraw that item? can we do that? we do that without objection. with regard to the senior administrative analyst on page 69 -- it looks like there is no dollar value associated with that, correct? item on page 69? >> we would clarify that is a limited, a tenured position rather than fullbacks >> yes. >> to the director, just very quickly -- on page 69, the position we are having a little discrepancy over, that is not the earthquake position? >> no. supervisor cohen: maybe i missed something. can you tell me what happened to bthe admin position? did we approve it? >> no, we have not gotten to that yet. supervisor chu: colleagues, can we approve that? without objection. the items remaining relate primarily to the ear

ms. naomi kelly. raise your right hand and repeat after me.d defend -- the constitution of the united states and the constitution that against allçw3ççfáçççç ea domestic -- u!çthat iççç wir trueçççççç faith and alleo the constitution of theççççd çççstates and the constitutif çççsthte ofç california -- t çççsthisçw3 obalifornia -- t or purpose of evasion -- and that i will well and faithfully discharge --q which i am about to enter -- s i hold the office of -- ççóçççcity admi for theççç;ççóçç city andn ççç[cheers and applause] >> ladies and gentlemen, history in our city is being made again, welcome the new city administrator, naomi kelly. [applause] >> thank you. w3ççñrççthank you, mr. mayof supervisors, members of the community, colleagues, and friends. i am very pleased to deliver my first remarks as your new city administrator. [applause] t(çççççthis has beenççxd. earlier today,ç i am sure you heard t, downxdç proposition 8,çç and affirming judgeççç walker's decisiní. [applause]

kelly. ms. mann, you are recognized for five minutes. >> thank you very much. good morning, chairwoman and ranking member and members of the subcommittee. i am an appraiser. i'm karen mann. i've been an appraiser for 32 years and currently the president of my firm, mann and associates, in northern california. today i'm here to testify on behalf of the american society of appraisers, asa, and the national association of fee appraisers. that's niafa. i'm speaking for their behalf today. the current appraisal regulatory structure is a dramatic improvement over what was in place prior to the savings and loan debacle. prior to that, you could own a clipboard, you get a business card, get a tape measure, and you go out and call yourself an appraiser. the problem became as it became like the wild west where people thought that they could be an appraiser at any time. thanks to the implementation of title 11, we found that there were rules and regulations that us appraisers had to follow and it was good. doesn't mean that we always wanted to follow rules but we had to.

ms. haines statement of their purpose. the kelly williams statement is first offered to show state of mind with regard to reporting this incident. less so, what happened on the 31st. the second reason the statement is relevant for a non-hearsay purpose is that there are substantial similarities between the account that ms. lopez gives to ms. williams and gave to ms. madison on the first. that tends to defeat the claim,, a claim of fabrication are in accuracy. it essentially gives greater weight to their testimony, in that they independently say that ms. lopez was relating to them the same basic facts about what happened. it tends to corroborate the credibility of these witnesses. the third reason we think it is admissible is we already have evidence that there was an incident on the 31st. we have other admissible evidence about what happened in that incident, in the form of the statement to ms. madison on the first. this is basically under the administrative hearsay exception. it is here say that is allowed to be considered. there i

kelly. >> we should continue to look at it, yes. >> okay, ms. mann? >> improve the existing system. >> ms. stevens? >> yes. >> thank you. all right. my time has expired. mr. sherman from california is recognized for five minutes. >> thank you, madam chair. in greg mr. gregory, the gses have created this new uniform appraisal database, the uad, which is used on all gse appraisals and also for fha. how is it all working out? >> form -- thank you for the question -- because of the >> 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 i

ms. mann? >> i believe it is and it will get better. >> mr. kelly? >> yes. >> needs improvement. >> okay. now, another question, yes or no. should congress consider a complete overhaul of appraisal regulations and improve it for consumers and businesses alike. >> i think there's a serious need to look at -- >> yes or no. >> there's a need to look at it. [ inaudible ] >> we should continue to look at it. >> improve the existing system. >> yes. >> thank you. all right. my time has expired. 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 qua

kelly wright, thank you. >>> it is time for your first degree weather update with ms. maria molina. it is like hot an humid here. >> it is very gross across the northeast humid in new york city, temperatures in the 70s. we are going to deal with that in the early morning hours. as we head west ward the big story has been the extreme heat and extreme drought conditions as well. i want to show you a temperature right now. in kansas city it is 89 degrees very early this morning. this is a truly warm for this time of the day. 89 degrees in kansas city. 82 in the city of chicago. you are going to feel that warmth in the morning hours and afternoon hours you will feel the heat as well. kansas 100 degrees. we are expecting hot temperatures into the low 90s. add in the humidity and it feels a little hotter. the reason why it is so hot across parts of the central plains is we have a large area of high pressure producing all of that sunshine. around that system you will deal with all of the showers and storms we have that already through portions of the midwest great lakes and pushing through

don kelly, executive director of real estate valuation advocacy association on behalf of the coalition to facilitate appraisal integrity reform. thank you. ms. karen jane mann on behalf of the american society of appra e appraisers and the president of the appraisal institute. thank you all. we will then begin with the testimony and without objection your written statements will be made part of the record. you will each be roecognized wih a five-minute summary of your testimony. >> good morning. i'm the chief program officer for the national reinvestment coalition. i'm honored to testify before you today from both a consumer protection and a safety and soundness perspective in order to discuss options for improving the regulatory oversight of stake holders in the housing finance industry. we are an association of more than 600 community based organizations that promote access to basic banking services including credit and savings to create and sustain affordable housing, job development and vibrant communities for america's working families. today the u.s. economy is mired in the worst economic crisis in more than half a century and valuati

it is time for the global markets report where kelly evans is standing by in london. ms. evans. >> hi, andrew. is that my cue? what? >> give mr. kernen some advice on the vacation plan. what's going to happen? >> well, look, i could just tell you that the euro continues to weaken, and i will make you wait until the very end of this report to find out exactly where we're trading. let's look at what's happening with the europe stoxx 600, though. first of all, evenly split between decliners and advancers, leaving us about up 0.04%. the major weakness, though, or the major indices, that is, are showing more weakness, and you can see starting here in spain, ibex 35 is down about 0.75%. we've kind of watched this sink all morning. focus here given the report out of the "wall street journal" that the ecb is considering imposing more losses on bondholders. we'll come back to that. the cac out of paris down, xetra dax down, pairing some losses. and the ftse 100 is down by about the same amount. i mentioned banks. let's focus in on how some of the banks are doing. we'll start with

kelly ayotte. she is the senator from this state and she was campaigning with governor and ms. r mrs.omney. >> to call the campaign to task saying that the staff and the strategy of the romney campaign is squandering historic opportunity and jeopardizing chances. in mitt romney contradicting his senior adviser over the use of the word tax, is he showing he's starting to listen to some of the conservative criticism? >> the wall street journal has been really hitting romney hard for a long time now criticizing his messaging and his ability to kind of frame some of these issues and they really do suggest in in piece and what we've heard some other conservatives, other titans of the industry, romney needs to shake up his campaign staff. he's got a lot of advisers that have been with him for a long time. he has brought more people into his campaign and i've seen signs that he's going to have any kind of major shakeup. you're seeing some frustration. that's a part of what the governor was trying to get to yesterday when we talked to him about whether he thought it was a tax. >> jan crawford