i'm susan harmon, i'm here representing the public banking institute and bank act in support of resolution number 74. you have heard and you will continue to hear so faries about the misery that the bank's mortgage fraud has brought to people and to the city. ~ stories about i'd like to reassure though of you who have some concern about the welfare of the banks that they in fact don't need your concern. phil chang who was the county recorder here in san francisco two years ago, did a survey of the mortgages sitting down stairs and found 84% were fraudulent. that matches the two other national surveys that have been done in the country, one in massachusetts, one in north carolina. those numbers were even higher. from start to finish these mortgageses were fraudulent. they were liars loans. the banks encouraged people to lie about their income. they didn't tell them that their payments would be low at the beginning and then escalate dramatically up. they immediately sliced and diced and securitized the mortgages, sold them off. so, they've already been paid for these mortgageses. don't worry