last but certainly not least, a very familiar face to cap, sarah rosen wartell, president of the urbannstitute, but far more importantly, she is the co- founder -cap and served as our executive vice president and she is responsible for so much of the work we have done in the housing area. prior to her time at cap, she served as the deputy assistant for economic policy and is the adviser to the fha commissioner. she is a member of the mortgage finance working group. moderating our panel today will be nick timiraos of carroll call -- of "the wall street journal." previously covered the 2008 presidential election where he traveled with the obama campaign. nick, i will turn the podium over to you now. >> thank you. let's have everybody take the seat. thank you all, and thank you for coming. i look forward to our discussion this afternoon. instead of doing opening statements from each speaker, i will ask a generic question that can maybe help frame the discussion, and then it will go from there. sarah, i will start with you. we will go in reverse alphabetical order. the question i posed to