i have held positions with rbs securities, nomura, and goldman sachs, where i covered financial institutions and specialized in mortgage-related structured products. a frequently writes -- i frequently write and speak at conferences. in 2008, i was recognized as a future leader by the mortgage banking physician and and also a member of the california bar. it is a regulatory consulting firm specializing in the investigation and audit services. we did the work with commercial appliances, including mortgage businesses, regulators, and enforcement agencies, attorneys for mortgage-backed securities holders and paternities -- and eternities for others. i am here at your request to provide some background information on the information included in the report. as was explained and reported in section 3 of the report, its purpose was to identify potential irregularities in the city and county public land records in order to improve compliance and to affect legislator changed so that would allow the law to more adequately reflect the modern mortgage market. to accomplish this, and that have a powerpoi

lewis alexander over there, united states chief economist at nomura. next to me here is joyce chang from emerging markets at j.p. morgan. and here, vincent reinhart, chief u.s. economist and co-head of global research at morgan stanley. last time he came to speak your he managed to invoke wearable without a cause. he invoked the lincoln assassination. you better not let us down. we want a follow-up. we need culture. we need history. just a couple of housekeeping notes. remember turn everything that goes bleep off. i think we've c-span here so we care a lot about it. and secondly this is on the record. so keep that in mind. let's start, joyce, with the eurozone. the turbulent part of global economy. we had in the summer and ephedra. they seem to stabilize things. which is that the announcement of a big new, whether it is bigger now, question, agreement. joyce, are we out of the acute phase of this crisis in europe? >> the acute phase of the crisis which i would define as liquidity, i think we're out of right now. but the chronic phase of the crisis, whi

next to market is executive director and head of mortgage credit research at nomura securities international in prison is a senior mortgage credit strategist at goldman sachs. on my right is andrew jakabovics, close enough, director for policy develop and research at enterprise community partners, preventing senior policy advisor to the assistant secretary for policy and development research at 20 of our to do is associate rector for housing and economics at center for american progress. and on my far right is professor of finance of the school of management and george mason university and previously taught at university of chicago. so i ask each of them to give at least a brief intro, about five minutes. i will start with the market will talk basically about the state of the housing market and the different options available to address a high level distressed that we see out the. so mark, you can take it away from there. >> i think first i probably need to apologize. i and my colleagues at core logic are the source of 11000023%, 700 billion-dollar problem that is encircling as he. i think t

corelogic. , xt to him is paul nikodem the executive director and head of mortgage credit research at nomuraurities international. and my right is -- on my right is andrew jakabovics, senior director for policy development and research at the enterprise community partners. he worked at hud and was the director for housing and economics at a center of american progress. on my right is tony sanders, a distinguished professor of real estate finance at george mason university. i have asked them to give brief intros. mark talk about the state of the housing market and the options available. take it away. >> first, i probably need to apologize. i and my colleagues are the source of the problem that is encircling us. the issue of the concept of principal forgiveness and forbearance focuses on that $700 billion number and what we need to do about it. ed very eloquently describes a lot of these issues. it is not really a problem of $700 billion. folks who are delinquent -- 750,000 of the 11 million. it is significantly less, not 700 billion, but maybe a couple hundred billion dollars of those who are

next to him is paul nikodem, the executive director and head of mortgage credit research at nomura securities international. and my right is -- on my right is andrew jakabovics, senior director for policy development and research at the enterprise community partners. he worked at hud and was the director for housing and economics at a center of american progress. on my right is tony sanders, a distinguished professor of real estate finance at george mason university. i have asked them to give brief intros. mark talk about the state of the housing market and the options available. take it away. >> first, i probably need to apologize. i and my colleagues are the source of the problem that is encircling us. the issue of the concept of principal forgiveness and forbearance focuses on that $700 billion number and what we need to do about it. ed very eloquently describes a lot of these issues. it is not really a problem of $700 billion. folks who are delinquent -- 750,000 of the 11 million. it is significantly less, not 700 billion, but maybe a couple hundred billion dollars of those who are delinq