ms. maloney for new york. >> thank you.bviously, saving more loans and going into foreclosure is key to reducing losses to the fha insurance fund. and a "new york times" editorial that i believed it was this weekend that i read it, stated that there are 14 points 7 million american homeowners underwater on their mortgages. unfortunately, 1.6 mind will likely lose their homes to foreclosure, but the editorial states that are at least 1.6 million who have had a temporary setback in their lives, whether it's health condition or a loss of a job. and that their homes can be saved if a loan modification is done. they key to making this happen is the servicers reaching the borrowers to advise them of their options, particularly loan modification. and i know from a recent og our hearing, and to the committee on which i serve, that the gses are doing a lousy job of barbara contact. fortunately, hud has a regulation on its books since 19 into requiring servicers to make face-to-face contact with the borrowers after the 90th day of de

ms. maloney for two minutes. >> thank you, mr. chairman. and ranking member.i am really honored to welcome all of the panelists today and particularly to welcome secretary donovan and say that new york is so proud of you. thank you for your public service to our state and city and thank you also for your public service for a nation. the fha represents a critical leg of this tool is housing finance and i think it is safe to say in the wake of the most recent financial crisis we are all concerned about the fha's ability to continue to insure mortgages. over the last year, the fha housing short 218 billion single-family mortgages. helped more than 362,000 families avoid foreclosure through authentication and helped 440,000 families refinance their mortgages to a lower rate. some of the live in the district and honor to represent and they are very grateful. but the importance of fha's role in the housing system really must be underscored. fha is really the only game in town right now because the private sector has largely disappeared from the market. however, i am