SHARE
TRANSCRIPT
| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:00:04 |
|
A HEARING ON MORTGAGE LENDERS FANNIE MAE AND FREDDIE MAC, BOTH COMPANIES KNOWN AS GOVERNMENT SPONSORED... |
| 00:00:43 |
|
WE HAVE EXAMINED THE BANKRUPTCY OF LEHMAN BROTHERS, THE FALL OF AIG, AND THE ROLE OF CREDIT RATING... |
| 00:10:12 |
|
THANK YOU, MR. CHAIRMAN. I WOULD ASK UNANIMOUS CONSENT THAT MY COLLEAGUES FROM FINANCIAL-SERVICES... |
| 00:10:27 |
|
WITHOUT OBJECTION THAT WILL BE THE ORDER. |
| 00:10:29 |
|
I ALSO ASK FOR UNANIMOUS CONSENT THAT DOCUMENTS PRODUCED PURSUANT TO THE REQUEST BY THE COMMITTEE,... |
| 00:10:45 |
|
ANY PROBLEMS, SWEETHEART? CAN WE JUST LOOK AT THE DOCUMENTS FIRST? |
| 00:10:57 |
|
BUT HOLD BACK THE REQUEST, WE WANT TO BE CERTAIN. |
| 00:11:03 |
|
CERTAINLY, AND BEFORE BEGIN, MR. CHAIRMAN, ON BEHALF OF THE RANKING MEMBER TOM DAVIS WHO AS YOU KNOW... |
| 00:12:13 |
|
WOULD YOU YIELD TO ME FOR A SECOND? |
| 00:12:16 |
|
ONE OF THE REASONS MR. WAXMAN IS PROBABLY SUCH A POSITION ON FINANCIAL-SERVICES -- I'M SORRY, ENERGY... |
| 00:13:04 |
|
THANK YOU. |
| 00:13:08 |
|
YOUR TIME HAS EXPIRED. [APPLAUSE] |
| 00:13:15 |
|
THANK YOU FOR SCHEDULING THIS IMPORTANT HEARING AND THANK YOU AGAIN FOR THE SECOND PANEL OF EXPERT... |
| 00:21:44 |
|
THANK YOU, MR. ISSA. I AM PLEASED TO INTRODUCE OUR WITNESSES. WE HAVE THE FORMER CEO OF FREDDIE MAC... |
| 00:23:01 |
|
DO YOU SOLEMNLY SWEAR THAT THE TESTIMONY YOU'VE BEFORE THE COMMITTEE WILL BE THE TRUTH, THE WHOLE... |
| 00:23:56 |
|
THANK YOU, CHAIRMAN WAXMAN AND MEMBERS OF THE COMMITTEE. |
| 00:24:08 |
|
THANK YOU, IS THAT BETTER? THANK YOU, CHAIRMAN OF WAXMAN. GOOD MORNING. I APPRECIATE THE OPPORTUNITY... |
| 00:30:41 |
|
THANK YOU, MR. DANIEL MUDD? |
| 00:30:45 |
|
MR. CHAIRMAN, REP ISSA, AND MEMBERS OF THE COMMITTEE, THANK YOU ALL FOR THE OPPORTUNITY TO APPEAR... |
| 00:35:49 |
|
IT THANK YOU, MR. DANIEL MUDD. |
| 00:35:52 |
|
THANK YOU. I WAS FORMERLY THE CHAIRMAN AND A CHIEF EXECUTIVE OFFICER OF THE FEDERAL HOME LOAN MORTGAGE... |
| 00:41:55 |
|
THANK YOU, THE MR.BRENDSEL. LET'S WAIT A SECOND FOR BELL TO STOP. OK, PLEASE GO AHEAD. |
| 00:42:09 |
|
SIRS, MY NAME IS FRANKLIN RAINES AND I WOULD LIKE TO THANK THE CHAIRMAN FOR ACCEPTING MY LONGER WRITTEN... |
| 00:48:00 |
|
THANK YOU, WE APPRECIATE YOUR TESTIMONY. BEFORE WE GO TO QUESTIONS BY MEMBERS OF THE COMMITTEE I WOULD... |
| 00:48:43 |
|
BEFORE I BEGIN OF LIKE TO TAKE A MOMENT AND APPRECIATE YOUR SERVICE YEAR'S GERMAN. A SHARE ISSA THE... |
| 00:49:25 |
|
THANK YOU ALL FOR BEING HERE THIS MORNING AND WORKING WITH US ON THIS. DANIEL MUDD YEAR, A LIKE TO... |
| 00:50:38 |
|
YES. |
| 00:50:42 |
|
BEEN NEXTSLIDE SO THAT WE ARE AT A STRATEGIC CROSSROADS AND WE FACE TWO CHOICES. THE NEXT SLIDE SHOWS... |
| 00:54:38 |
|
NO, SIR. WHAT I WOULD POINT TO ON THIS SLIDE IS THE PHRASE THAT SAYS WE NEED TO [UNINTELLIGIBLE] ... |
| 00:55:55 |
|
IN |
| 00:56:13 |
|
GOING THROUGH 85% OF THE BOOK AT FANNIE MAE WAS STANDARD LOANS THAT HAD BEEN DONE THROUGHOUT TIME.... |
| 00:56:46 |
|
YOU DID NOT REALLY GET ANY CREDIT, DID YOU, BECAUSE BY MIAMI'S DAN AND I GOT OUT RATIFIED BY THE BASIS... |
| 00:57:04 |
|
IT WOULD DEPEND ON THE ACTUAL CHARACTER OF THE LOAN MEETING THE SOCIO-ECONOMIC CATEGORY THAT WOULD... |
| 00:58:09 |
|
2005 IS WHEN YOU DECIDED TO GO IN HAVE BUT -- MORE HEAVILY, CORRECT? |
| 00:58:16 |
|
WE DECIDED TO EXAMINE THE MARKET MORE CAREFULLY. IN 2004 WE WERE DOING A RATE OF 63 BILLION. IN 2006... |
| 00:58:34 |
|
THIS YEAR, SUBSTANTIALLY THE LARGEST PART OF YOUR LOSSES, THOSE LOANS, CORRECT? I AM NOT COMPLETELY... |
| 00:59:06 |
|
THE FAX SEEM TO INDICATE THAT YOU BEAR SOME RESPONSIBILITY FOR AGGRAVATING IT. SOME RESPONSIBILITY... |
| 00:59:28 |
|
THANK YOU. MR. CHAIRMAN, I SEEM TO FIND THAT ALL FOUR OF THEM SEEM TO BE IN THE NILE THAT FANNIE AND... |
| 01:01:01 |
|
WHAT I WAS HOPING TO DESCRIBE WAS THAT THE LOANS EXISTED IN A SPECTRUM AT THE HEART AND SOUL -- |
| 01:01:09 |
|
PLEASE PULL YOUR MICROPHONE CLOSER. X B MARKET OPERATES IN CONCENTRIC CIRCLES AROUND THAT. |
| 01:01:24 |
|
WHAT I WANT TO GET TO TODAY FOR THE INDEPENDENT COMMISSION AND ALL THIS YEAR THAT WILL TRAVEL THROUGH... |
| 01:02:09 |
|
THE WAY THAT I WOULD ANSWER THE QUESTION IS THAT THE COMBINATION OF FEATURES IN THE LOAN DEFINES THE... |
| 01:02:34 |
|
RELATIVELY FAIR FOR THOSE OF US WHO DO NOT DO THIS EVERY DAY THAT THERE IS A DISTINCTION WITHOUT A... |
| 01:03:15 |
|
I BELIEVE THAT THE MOST LIKELY SCENARIO IS THAT THE VARIABLE FEATURES AGGRAVATED RISKS IN THE LOW,... |
| 01:03:25 |
|
MR. RAINES, IN YOUR TESTIMONY YOU SAID THAT FANNIE MAE TO NOT INCREASE SIGNIFICANTLY TO THE HOUSING... |
| 01:03:54 |
|
ITH THE FAILURE TO NOT VERIFY AND COME NOT BE A LEADING PAUL -- LEADING REASON OF WHY THE DEFAULT,... |
| 01:05:13 |
|
FRAUD, PEOPLE DID NOT TELL THE TRUTH ABOUT THEIR ASSETS OR INCOME. THEY OBTAINED MORTGAGES THAT THEY... |
| 01:07:01 |
|
IS YOUR MY CONTACTS I WILL TAKE ALL THE YES ANSWERS FIRST. |
| 01:07:07 |
|
I THINK THE FAILURE TO UNDERWRITE A MORTGAGE PROPERLY IS CERTAINLY AT THE CORE OF WHAT COULD BE A... |
| 01:08:02 |
|
WHICH YOU CONCUR WITH THAT? |
| 01:08:06 |
|
I CONCUR WITH WHAT YOU JUST SAID. UNDERWRITING STANDARDS COULD HAVE AVOIDED MANY OF THE LOSSES WE... |
| 01:08:25 |
|
WE ARE LOOKING BACK TO MAKE SURE THIS DOES NOT HAPPEN AGAIN. GENERALLY THOSE ARE THE LESSONS WE NEED... |
| 01:08:38 |
|
IF YOU COULD GO BACK AND LOOK AT THE LOANS IN HINDSIGHT AND PICK UP THE ONE SO WERE DELINQUENT OR... |
| 01:08:52 |
|
THANK YOU. |
| 01:09:00 |
|
THE GENTLEMAN IS RECOGNIZED FOR FIVE MINUTES. |
| 01:09:06 |
|
THANK YOU, MR. CHAIRMAN. LET ME SAY IT HAS BEEN A DELIGHT WORKING WITH YOU. WE HOPE TO WORK WITH YOU... |
| 01:10:28 |
|
SIR, I THINK THAT THE MAIN REASON FOR THE PROBLEMS WITH FREDDIE MAC AND FANNIE MAE, THESE WERE ORGANIZATIONS... |
| 01:11:20 |
|
MR. MUDD, I WOULD JUST OBSERVE THAT WHEN THE MARKET GOES DOWN, IS THE FOLKS CLOSEST TO THE MARGIN... |
| 01:12:04 |
|
MR. BRENDSEL? |
| 01:12:09 |
|
I WAS CEO OF FREDDIE MAC FOR A VERY LONG TIME. I CANNOT RECALL EVER BEING FORCED TO MAKE A PURCHASE... |
| 01:12:34 |
|
MR. RAINES? |
| 01:12:38 |
|
I NOW BELIEVE POOR PEOPLE ARE THE CAUSE OF THE CURRENT FINANCIAL CRISIS, NOR DO I BELIEVE DEFAULTS... |
| 01:13:27 |
|
LET'S FACE IT. WE DO HAVE A MESS. WHAT DO WE DO NOW? WHAT YOU PROPOSE? MR. SYRON? |
| 01:13:41 |
|
EXCUSE ME, SIR. I THINK WHAT WE NEED TO DO -- IF YOU WANT TO HAVE LONG-TERM, FIXED-RATE MORTGAGES,... |
| 01:14:23 |
|
MR. MUDD? |
| 01:14:28 |
|
THERE ARE THREE TIERS OF HOMEOWNERS OUT THERE NOW. THERE ARE FOLKS WHO WERE CONTINUING TO MAKE PAYMENTS... |
| 01:15:42 |
|
MR. CHAIRMAN, I REALIZE MY TIME IS EXPIRED. CAN I ASK ONE QUESTION? |
| 01:15:50 |
|
YES, YOUR TIME IS EXPIRED TO ASK QUESTIONS, BUT NOT FOR THE PANEL TO ANSWER THEM. WE WILL HEAR FROM... |
| 01:15:57 |
|
THANK YOU. TO IS YOUR QUESTION, IN AGREEMENT WHIFFS MR. MUDD, I THINK WE NEED TO ADDRESS TAKING ACTION... |
| 01:17:10 |
|
VEN SPOTTY REGULATION OVERTIME, THEY NEED TO LOOK AT HOW THE ORIGINATION PRACTICES WORK. PARTS THAT... |
| 01:18:21 |
|
MR. RAINES? |
| 01:18:26 |
|
I AGREE WITH MUCH OF WHAT HAS BEEN SAID. I IT THINK THERE ARE FOUR, FIVE STEPS THAT NEED TO BE TAKEN.... |
| 01:20:54 |
|
THANK YOU. |
| 01:20:57 |
|
THANK YOU, MR. TOWNS. I WOULD LIKE TO ASK EVERYONE IF YOU HAVE A QUESTION, ASK AT THE BEGINNING, RATHER... |
| 01:21:11 |
|
THANK YOU, MR. CHAIRMAN. WE HAVE BEFORE US SOME OF THE PERPETRATORS OF THE FINANCIAL MELTDOWN OF OUR... |
| 01:25:58 |
|
THE NUMBER IS ESTIMATED AT $90 MILLION. |
| 01:26:01 |
|
AND UNDER YOUR LEADERSHIP, SOME OF THESE FACTORS HAVE BEEN A FUDGE. FIRST OF ALL, THE TWO FELLOWS... |
| 01:26:35 |
|
THAT IS WHAT I AM GIVEN. THE NUMBER I THINK YOU ARE REFERRING TO IS A RESULT OF A SETTLEMENT -- |
| 01:26:45 |
|
IT WAS A NEAT SETTLEMENT, TOO. YOU AGREED TO DONATE SOME OF YOUR STOCK RATHER THAN TAKE THE PROCEEDS... |
| 01:27:00 |
|
THAT WAS PRETTY CLEVER. YOU HAD ABOUT $1.5 MILLION IN STOCKS. HE DONATED THAT, AND YOU TOOK AN EXEMPTION... |
| 01:27:13 |
|
THE GENTLEMAN'S TIME IS EXPIRED. |
| 01:27:17 |
|
YOU DID NOT FILE A TAX RETURN FOR 2008? |
| 01:27:19 |
|
2008, AND YET. |
| 01:27:22 |
|
[INAUDIBLE] |
| 01:27:28 |
|
OK. |
| 01:27:33 |
|
I KNOW YOU DID. THE SETTLEMENT -- YOU REALLY DIDN'T PAY ANYTHING. YOU PROBABLY TOOK A TAX DEDUCTION... |
| 01:27:53 |
|
THERE WAS NO FUN. |
| 01:27:58 |
|
THERE WAS A $3 MILLION THAT WAS PAID BY THE INSURANCE. YOU CAN CALL IT WHAT YOU LIKE. THE LAST THING,... |
| 01:28:47 |
|
FANNIE MAE DID HAVE LOBBYIST DURING THAT PERIOD, YES SIR. |
| 01:28:55 |
|
AND FIND DOCUMENTS THAT SHOW THAT YOU HAD A PART IN KILLING THIS LEGISLATION AWARE REGULATED FANNIE... |
| 01:29:03 |
|
THE GENTLEMAN'S TIME IS EXPIRED. |
| 01:29:08 |
|
THERE IS A PENDING QUESTION, AND THE GENTLEMAN HAS AN OPPORTUNITY TO ANSWER IT. |
| 01:29:11 |
|
I HAVE NO IDEA WHAT DOCUMENTATION YOU HAVE. FANNIE MAE, LIKE ANY OTHER CORPORATION ON BY SHAREHOLDERS,... |
| 01:29:28 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 01:29:31 |
|
THANK YOU, MR. CHAIRMAN. MAYBE I SHOULD MAKE AN OBSERVATION. I THOUGHT THE PURPOSE OF THIS HEARING... |
| 01:32:18 |
|
IF THE ANALOGY IS THAT YOU'RE INSURING AGAINST HURRICANES IN HURRICANES HIT ONE-THIRD OF THE COUNTRY,... |
| 01:32:31 |
|
WE ALL KNOW THAT. THAT WAS BROUGHT OUT IN TESTIMONY FOUR OR FIVE YEARS AGO. IS THAT CORRECT? |
| 01:32:39 |
|
IT WAS DISCUSSED AND DISCLOSED. YES. |
| 01:32:42 |
|
I AGREE WITH YOUR CHARACTERIZATION THAT IT WAS WELL KNOWN A SIGNIFICANT DECLINE IN HOUSING PRICES... |
| 01:33:05 |
|
WE ARE THRUSTING AROUND RIGHT NOW TO FIND SOME UNDERPINNING TO REAL-ESTATE VALUATION. WE WANT TO SUSTAIN... |
| 01:34:16 |
|
WITHOUT THE BENEFIT OF A LOT OF STAFF RESOURCES, IT IS MY VIEW AND I THINK THE VIEW OF AN NUMBER OF... |
| 01:35:05 |
|
HOW CAN WE GET THIS DONE QUICKLY AND BY WHOM? |
| 01:35:10 |
|
I THINK THE BEST RESOURCES THAT ARE AVAILABLE TO THE CONGRESS ARE UNDERSTANDING THE HOUSING MARKET... |
| 01:35:32 |
|
COULD WE TAKE THAT ACTION, EVEN THOUGH THE REAL ESTATE MARKET HAS NOT CEASED TO DEFLATE? ; AND ANY... |
| 01:35:53 |
|
I THINK YOU CAN START NOW. WE NEED TO LOOK AT THOSE PROGRAMS THAT ARE AVAILABLE TO MOP -- TO BE MODIFIED.... |
| 01:36:23 |
|
THANK YOU. YOUR TIME IS EXPIRED. |
| 01:36:27 |
|
THANK YOU, MR. CHAIRMAN. MR. RAINES, HAVE YOU EVER HEARD THE TERM FRIEND OF ANGELO PROGRAM? |
| 01:36:39 |
|
I HAVE HEARD THAT IN THE NEWSPAPERS. |
| 01:36:43 |
|
HAVE YOU HAD A HOME LOAN FROM |
| 01:36:44 |
|
YES. |
| 01:36:46 |
|
WAS GIVEN TO YOU THROUGHOUT THE TERM FRIEND OF ANGELO? |
| 01:36:52 |
|
NO. |
| 01:36:55 |
|
SO YOU DID NOT GET ANY PREFERENTIAL TREATMENT? |
| 01:36:58 |
|
NO, I DID NOT. |
| 01:37:02 |
|
SO YOU PAY THE SAME RATE AND THE SAME CONDITIONS AS ANYBODY ELSE? |
| 01:37:07 |
|
TO HAVE THE SAME CREDIT PROFILE, THE SAME LOAN DEVALUES AS I DID. YES, SIR. LET ME CHECK ON THAT... |
| 01:37:25 |
|
I AM UNAWARE OF ANY PREFERENTIAL TREATMENT GIVEN TO ME BY COUNTRYWIDE. |
| 01:37:29 |
|
WOULD BE POSSIBLE TO GET COPIES OF THE MORTGAGE PAPERS THAT YOU HAD MADE WITH COUNTRYWIDE? |
| 01:37:36 |
|
I AM SURE COUNTRYWIDE HAS COPIES. |
| 01:37:39 |
|
YOU HAVE COPIES? |
| 01:37:41 |
|
I DO NOT KNOW. I NO LONGER OWN THAT PROPERTY. |
| 01:37:47 |
|
I KEEP MY DOCUMENTS FOR A LONG TIME. COULD YOU PROVIDE THOSE TO THE COMMITTEE FOR THE RECORD? |
| 01:37:54 |
|
I WILL LOOK FOR THEM, AND I CAN FIND THEM, I WILL BE HAPPY TO. |
| 01:37:56 |
|
THANK YOU VERY MUCH. DID YOU DISCUSS WITH ANGELO MOSELLO ABOUT ANYONE WHO WOULD BE CANADA'S FOR THIS... |
| 01:38:17 |
|
NO. NEVER. |
| 01:38:22 |
|
YES. |
| 01:38:27 |
|
NONE OF THE U.S. CENTERS FOR CONGRESSMAN THAT YOU KNOW OF, YOU NEVER DISCUSSED THE LOANS WITH THEM?... |
| 01:38:31 |
|
NO, I NEVER DID THAT. |
| 01:38:35 |
|
OK. MR. RAINES AND MR. MUDD, WE OF THE SEPTEMBER 2004 MEMO THAT DISCUSSES FANNIE MAE, A CHIEF EXECUTIVE... |
| 01:40:33 |
|
IN 2004, THIS MAN SAYS THERE WAS A REAL PROBLEM. THERE WAS LIKELY TO BE A BOSTON HOUSING MARKET. ... |
| 01:40:57 |
|
BEGINNING IN 2005, THE PURCHASES OF SUBPRIME SECURITIES ACTION WENT DOWN FROM 34.5 BILLION TO 16.3... |
| 01:41:12 |
|
PART ME FOR INTERRUPTING, BUT AT THAT POINT, WAS THERE A REDEFINITION OF SUBPRIME TO YOUR UNDERWRITING... |
| 01:41:38 |
|
THE UNDERWRITINGS STANDARDS CHANGE CONSTANTLY IN RESPONSE TO THE MARKET. |
| 01:41:43 |
|
DURING THE TIME YOU'RE IN CHARGE, DID THE UNDERWRITING CHANGE DRAMATICALLY SO THAT'S THE SUBPRIME... |
| 01:41:54 |
|
WE DID OUR BEST OF THE TIME TO BALANCE OUT BOTH SIDES OF THE EQUATION WITH RESPECT TO RISK, WHICH... |
| 01:42:05 |
|
YOU MADE UNDERWRITING CHANGES. YOU WERE IN CHARGE OF THESE, WERE YOU NOT? |
| 01:42:10 |
|
I WAS CHIEF EXECUTIVE OFFICER, SO I WAS RESPONSIBLE, YES. |
| 01:42:16 |
|
DID YOU CHANGE THE UNDERWRITING REQUIREMENTS? |
| 01:42:19 |
|
I THINK IS MORE TO UNDERSTAND THERE ARE TWO SIDES TO THE UNDERLYING INFLATION. ONE IS THE RISK SIDE... |
| 01:42:53 |
|
CAN ALLOW EXTRA TIME? CAN I HAVE ONE COMMENT, MR. CHAIRMAN? |
| 01:43:00 |
|
YOUR TIME HAS EXPIRED. |
| 01:43:04 |
|
HOW ABOUT MR. KANJORSKI? |
| 01:43:08 |
|
HE DID NOT HAVE EXTRA TIME. I AM SORRY. I WOULD LIKE TO ASK FOR UNANIMOUS CONSENT OF THE AUM -- THAT... |
| 01:43:30 |
|
THANK YOU, MR. CHAIRMAN. YOU HAVE BEEN A SPECTACULAR CHAIRMAN. IT HAS BEEN AN HONOR TO SERVE ON THIS... |
| 01:45:57 |
|
WITHOUT OBJECTION. |
| 01:46:03 |
|
MR. SYRON, IS IT NOT TRUE THAT YOUR CHIEF RISK OFFICER ADVISE YOU NOT TO BUY THESE NO DOCUMENTATION... |
| 01:46:14 |
|
FIRST OF ALL, I DO NOT BELIEVE I HAVE SEEN THOSE MEMOS. I AM NOT SURE. |
| 01:46:21 |
|
WE WILL BE THAT -- WE WILL BE GLAD TO GIVE THEM TO YOU. DID HE ADVISE YOU TO BUY THOSE |
| 01:46:25 |
|
NO. |
| 01:46:26 |
|
THEN HE HAS PERJURED HIMSELF. DID HE TELL YOU TO BUY THE LOANS? |
| 01:46:32 |
|
NO, HE DID NOT. |
| 01:46:33 |
|
DID HE ADVISE YOU THAT THEY COULD BE RISKY? |
| 01:46:36 |
|
YES, HE DID. |
| 01:46:38 |
|
I ONLY HAVE FOUR MINUTES. FURTHERMORE, I WOULD LIKE TO SAY HE WAS RIGHT. UNDER YOUR LEADERSHIP, FREDDIE... |
| 01:48:32 |
|
IF YOU GO BACK AND LOOK AT THE RECORDS, AND I THINK YOU SAID THIS WAS 2000 -- |
| 01:48:42 |
|
2003 TO 2005. |
| 01:48:46 |
|
THERE WAS A LONG DEBATES WITH PEOPLE ON BOTH SIDES OF WHAT SHOULD BE DONE A ALT A. -- WHAT SHOULD... |
| 01:49:10 |
|
WITH ALL DUE RESPECT -- |
| 01:49:11 |
|
EXCUSE ME. YOUR QUESTION IS PENDING. A GENTLEMAN SHOULD ANSWER, AND THEN WE HAVE TO MOVE ON. YOUR... |
| 01:49:30 |
|
AND TO BUY THE RISKY LOANS -- |
| 01:49:31 |
|
THAT IS THE QUESTION. |
| 01:49:36 |
|
FIRST OF ALL, THE RISK MANAGER WAS FIRED FOR A VARIETY OF REASONS, PRIMARILY FOR HIS HAVING A VIEW... |
| 01:50:15 |
|
THE RIGHT DECISION -- |
| 01:50:18 |
|
YOUR TIME IS EXPIRED. MR. WESTMORELAND? |
| 01:50:22 |
|
THANK YOU, MR. CHAIRMAN. I'M GOING TO ASK BOTH OF YOU THIS QUESTION. WHAT WAS YOUR SALARY FROM 2003... |
| 01:50:40 |
|
MY TOTAL SALARY WAS ABOUT $4 MILLION A YEAR, AND I HAVE PENSION RIGHTS THAT ARE WORTH THE NEIGHBORHOOD... |
| 01:51:01 |
|
NO. THE PRESENT VALUE ACCORDING TO HOW LONG I LIVE. |
| 01:51:09 |
|
THE SAME QUESTION TO YOU. YOUR TOTAL COMPENSATION? |
| 01:51:15 |
|
I HAVE A DIFFERENT NUMBER, SO IF I CAN MAKE AN ESTIMATED TO YOUR REQUEST, IT BE IN THE VICINITY OF... |
| 01:51:34 |
|
TOTAL? SOMEWHERE NEAR $8 MILLION? |
| 01:51:39 |
|
I WOULD BE HAPPY TO SUPPLY THE NUMBERS. |
| 01:51:42 |
|
DO YOU HAVE A PENSION? ARE YOU ELIGIBLE FOR PENSION? |
| 01:51:46 |
|
I BELIEVE SO, YES. |
| 01:51:51 |
|
WHAT WOULD THAT PENSION BE? |
| 01:51:52 |
|
I CANNOT BE PRECISE. I WOULD BE HAPPY TO GET BACK TO YOU. |
| 01:51:57 |
|
TO THIS PENSION COME FROM JUST TO THREE YEARS OF SERVICE, OR HAD YOU BEEN -- |
| 01:52:04 |
|
NO, I HAD BEEN WITH THE COMPANY GOING BACK TO 2005. |
| 01:52:08 |
|
OK. YOU HAVE THEM WITH THE COMPANY FOUGHT FOR EIGHT YEARS AND GIVE A PENSION OF SOMEWHERE -- |
| 01:52:17 |
|
IF I GET TO A PRECISE NUMBER, RESEARCH IT DRAWS OK -- RESEARCH IT -- |
| 01:52:29 |
|
OK. |
| 01:52:30 |
|
IS YOUR MIND ON? |
| 01:52:35 |
|
WHAT YEARS? |
| 01:52:36 |
|
1987 TO 2003. |
| 01:52:40 |
|
THAT IS A MATTER OF PUBLIC DISCLOSURE. |
| 01:52:42 |
|
CAN YOU GIVE ME A NUMBER? |
| 01:52:45 |
|
I WOULD HAVE TO SAY IN THE LAST FEW YEARS, THE AMOUNT DISCLOSED, THAT IS REFLECTED IN STOCK GRANTS... |
| 01:53:07 |
|
$10 MILLION A YEAR? |
| 01:53:09 |
|
INCLUDING THE STOCK GRANTS. THIS INCLUDES 2002 AND 2003. |
| 01:53:16 |
|
THEY GOT NEW JEEP. -- THEY GOT YOU CHEAP. |
| 01:53:27 |
|
HOW ABOUT A PENSION? |
| 01:53:31 |
|
I AM ELIGIBLE FOR PENSION. |
| 01:53:34 |
|
I KNOW IT HAS BEEN SAID -- $90 MILLION. I KNOW YOU HAD EXPLANATION OF THIS. WHAT WAS YOUR TOTAL PACKAGE... |
| 01:53:46 |
|
I DO NOT KNOW OF THE TOP OF MY HEAD. I DO NOT KNOW THE TOP OF MY HEAD. NO. I REFER TO IS INCLUDED... |
| 01:53:54 |
|
OK. YOU HAD 90 MILLION IN THERE -- YOU HAD $90 MILLION IN THERE. THEN HE SAID THERE IS A DISCREPANCY... |
| 01:54:06 |
|
ACCEPTING THE NUMBER AS THE BEGINNING POINT, 40% OF THAT HAS BEEN CLAWED BACK AS A RESULT OF THE STOCK... |
| 01:54:27 |
|
THAT IS STILL GOOD MONEY. THAT IS STILL GOOD MONEY. WHAT KIND OF PENSION? |
| 01:54:34 |
|
I AM QUALIFIED FOR PENSION BASE TO MY 11 YEARS AT FANNIE MAE. |
| 01:54:36 |
|
WHAT WOULD THAT BE? YOU GOT $3 MILLION ONE-YEAR, $400,000.10 YEAR. |
| 01:54:46 |
|
MY PENSION IS APPROXIMATELY $1.2 MILLION. |
| 01:54:53 |
|
$1.2 MILLION IS GOOD MONEY. LET ME SAY THIS -- I AM GLAD I CAME HERE TODAY TO LEARN THAT YOU ALL HAD... |
| 01:55:47 |
|
THE GENTLEMAN'S TIME IS EXPIRED. I DO NOT KNOW IF THIS IS A PENDING QUESTION OR NOT. |
| 01:55:55 |
|
MR. CHAIRMAN, I WOULD LIKE TO RESPOND TO THAT LAST COMMENT. I LEFT FREDDIE MAC IN JUNE OF 2003. FREDDIE... |
| 01:56:13 |
|
OK. |
| 01:56:17 |
|
THANK YOU, MR. CHAIRMAN. GENTLEMEN, THANK YOU FOR BEING HERE. . . I THINK BOTH OF THESE COMPANIES ... |
| 01:58:27 |
|
YES, SIR. |
| 01:58:29 |
|
THANKS USE A NO INCOME, NO ASSET MORTGAGE TO LEND MONEY TO A BORROWER WITHOUT REQUIRING ANY INFORMATION... |
| 01:58:58 |
|
SIR, IF YOU HAVE INFORMATION ON THE FICO SCORE AND THEY HAVE A STRONG FICO SCORE AND YOU HAVE INFORMATION... |
| 01:59:31 |
|
ARE YOU NOT FAMILIAR WITH MR. RAINES' TESTIMONY BECAUSE WHEN I READ IN HIS WRITTEN TESTIMONY HE SAID... |
| 02:00:19 |
|
I DON'T HAVE THE MEMO BEFORE ME. I'LL TRY TO ANSWER -- |
| 02:00:22 |
|
BRIEFLY. THEY ONLY GIVE ME FIVE MINUTES. |
| 02:00:26 |
|
OK. I THINK WHAT HAD HAPPENED MARKET HAD MIGRATED AWAY FROM THE TRADITIONAL PRODUCTS THAT WILL FREDDIE... |
| 02:00:41 |
|
LET ME SPECULATE. LET ME TELL YOU WHAT I SPECULATE. I SPECULATED IT WAS ABOUT PROFIT. I SPECULATE... |
| 02:01:13 |
|
WE ARE AN ORGANIZATION THAT HAD TO DEVELOP BALANCE. AND WE HAD TO BALANCE BETWEEN THE NEEDS OF SAFETY... |
| 02:01:37 |
|
I SEE MY TIME IS UP. |
| 02:01:39 |
|
THANK YOU, MR. CUMMINGS. MR. SOUDER. |
| 02:01:42 |
|
THANK YOU. I WANT TO FOLLOW UP A LITTLE BIT ON SIMILAR LINE THAT MY FRIEND, MR. CUMMINGS, JUST HAD.... |
| 02:03:47 |
|
WHAT I WAS SAYING IS THAT FANNIE MAE PROVIDES SERVICE TO LOW, MODERATE, AND MIDDLE INCOME AMERICANS.... |
| 02:04:04 |
|
IN OTHER WORDS, RAME, I JUST WANT TO MAKE -- RECLAIMING MY TIME, IT WASN'T THE LOWEST HOUSING PORTION... |
| 02:05:58 |
|
SIR, I WOULD DEBATE WHETHER WE WERE -- THAT THIS MARKET WOULDN'T HAVE DEVELOPED EVEN IF WE WEREN'T... |
| 02:06:11 |
|
LET ME ASK A FOLLOW-UP TO THAT. DO YOU BELIEVE THAT FANNIE AND FREDDIE WOULD NOT HAVE GOT INVOLVED... |
| 02:06:46 |
|
SIR, IN ALL DUE RESPECT I THINK IT WOULD BE SPECULATING ON MY PART WHETHER THE MARKET WOULD HAVE FLATTENED... |
| 02:06:59 |
|
YOU DON'T BELIEVE YOU HAD ANY BASIC RESPONSIBILITY FOR THE CRISIS, THAT'S YOUR TESTIMONY? THAT YOU... |
| 02:07:15 |
|
SIR, I CAN HONESTLY SAY, I'M NOT SAYING WE MADE DE SIGNIFICANCE, WE CERTAINLY DIDN'T, BUT I CAN HONESTLY... |
| 02:07:35 |
|
BY TAKING IN -- |
| 02:07:36 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. THANK YOU VERY MUCH. THE JAFMENT OHIO. MR. KUCINICH. |
| 02:07:54 |
|
I THANK THE GENTLEMAN. I'M LISTENING TO MY COLLEAGUE, MR. WESTMORELAND, AND I WANT TO PICK UP ON SOMETHING... |
| 02:10:16 |
|
NO. |
| 02:10:19 |
|
THEN WHY THERE WAS A BUDGET CUT OCCURRING WHILE YOU WERE INVOLVED IN THESE GREAT RISKS WITH BILLIONS... |
| 02:10:30 |
|
BEST RESPONSE IS THE TRUTH. DID SOMEONE TELL YOU TO CUT CREDIT RISK, CUT THE CREDIT RISK OFFICE BUDGET?... |
| 02:10:39 |
|
LET ME READ YOU WHAT I WROTE BACK -- |
| 02:10:41 |
|
CAN YOU ANSWER THE QUESTION. WHO TOLD YOU TO CUT THE BUDGET? WHO TOLD YOU TO CUT IT? YOU'RE DEALING... |
| 02:10:57 |
|
THE CUTS IN THE BUDGET THAT APPLIED ACROSS THE COMPANY WERE DRIVEN BY THE FINANCIAL NEED TO DRIVE... |
| 02:11:07 |
|
HOLY SMOKES. |
| 02:11:09 |
|
WE STARTED WITH THE PROCESS. |
| 02:11:11 |
|
ARE YOU LISTENING TO THIS? HE'S CUTTING THE ONE PERSON THAT'S TELLING HIM, HEY, WAIT, YOU'RE GOING... |
| 02:12:15 |
|
WILL I EXPLAIN TO YOU BY READING TO YOU THE RESPONSE TO HIM, REPRESENTATIVE. IT IS NOT FAIR TO TAKE... |
| 02:12:51 |
|
YOU TAKE RESPONSIBILITY FOR THE RISK THAT YOUR COMPANY TOOK YOU IGNORED THE ADVICE OF YOUR CREDIT... |
| 02:13:01 |
|
I FOLLOWED THE PROCESS TO LISTEN TO ALL MY STAFF. |
| 02:13:03 |
|
WHAT DID YOU DO? WHAT DID YOU DO? DID YOU CUT THE BUDGET OF YOUR CREDIT RISK OFFICE? |
| 02:13:11 |
|
JUST LIKE ALL BUDGETS -- |
| 02:13:12 |
|
THE ANSWER IS YES. |
| 02:13:13 |
|
WE NEGOTIATED THE RIGHT NUMBER -- |
| 02:13:16 |
|
IS THE ANSWER YES OR NO. DID YOU CUT YOUR CREDIT RISK OFFICERS' BUDGET? |
| 02:13:21 |
|
GIVING AN ANSWER YES OR NO TO THE QUESTION WOULD NOT BE ACCURATE. |
| 02:13:24 |
|
CAN YOU ANSWER THE QUESTION? |
| 02:13:26 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:13:28 |
|
WILL I GIVE YOU AN ACCURATE RESPONSE. THE ANSWER IS BUDGETS ARE DETERMINED AS A RESULT OF A BACK AND... |
| 02:13:54 |
|
YOU'RE TESTIFYING THAT YOU INCREASED HIS BUDGET THAT WHAT YOU'RE TELLING THIS CONGRESS? |
| 02:13:59 |
|
WE NEGOTIATED THE BUDGET THE SAME AS WE DID EVERY YEAR FOR TIME AND MEMORIAL. |
| 02:14:10 |
|
IT'S BEEN A PLEASURE SERVING WITH YOU OVER THE LAST 20 YEARS. IN THE LIGHT WE HAD AN OPPORTUNITY TO... |
| 02:14:17 |
|
I WAS RELUCTANT TO STEP UP BECAUSE I THOUGHT I MIGHT GET TEARY EYED BECAUSE I LOVE THIS COMMITTEE... |
| 02:17:18 |
|
I THINK WE HAVE SOME EVIDENCE ON THAT WITH REGARD TO FANNIE MAE'S PORTFOLIO AS I UNDERSTAND IT. THE... |
| 02:17:54 |
|
MR. RAINES, YOU'RE NOT JUST SPEAKING TO THIS COMMITTEE COMMITTEE, ARE YOU SPEAKING TO THE WHOLE FINANCIAL... |
| 02:18:13 |
|
IT IS PROVEN IN THE CURRENT CIRCUMSTANCES THAT -- |
| 02:18:17 |
|
I'D LIKE A YES OR NO. YES IT WAS OR NO IT WASN'T. |
| 02:18:20 |
|
IT HAS WORKED. CONGRESSMAN, IT WORKED WITH REGARD TO THE PORTFOLIO. ON THE CREDIT BUSINESS, IT'S A... |
| 02:18:46 |
|
WHEN WE FINALLY GOT FANNIE AND FREDDIE TO AGREE TO BE UNDER THE 1934 ACT, WE LEARNED THAT BOTH FANNIE... |
| 02:19:13 |
|
THE -- AT THIS POINT I DON'T THINK IT MATTERS. FANNIE MAE'S ALREADY REGISTERED WITH THE S.E.C. SO... |
| 02:19:22 |
|
ON THE 1934 ACT. |
| 02:19:23 |
|
I UNDERSTAND. I WAS GOING TO GET TO THAT. YOU MENTIONED BOTH ACTS. WITH REGARD TO THE REGISTRATION... |
| 02:19:57 |
|
YOU THINK THAT -- |
| 02:19:59 |
|
MR. CHAIRMAN, I ASK UNANIMOUS CONSENT THAT MR. SHAYS HAVE JUST ONE ADDITIONAL MINUTE. THANK YOU. |
| 02:20:05 |
|
JUST THE BOTTOM LINE QUESTION. IN OTHER WORDS, THE 33 AND 1934 ACT WERE DESIGNED TO PROTECT THE PUBLIC.... |
| 02:20:37 |
|
BECAUSE FANNIE MAE IS NOW A REGISTRANT, IT WOULD BE REDUNDANT TO INCLUDE THEM. IF YOU WOULD LIKE TO... |
| 02:20:48 |
|
HOW ABOUT THE 1933 ACT? |
| 02:20:51 |
|
THE 1933 ACT AS I SAID I WAS FEARFUL IT WOULD DISRUPT THE MORTGAGE BACKED SECURITIES MARKET. RIGHT... |
| 02:21:02 |
|
THANK YOU. |
| 02:21:04 |
|
THANK YOU, MR. CHAIRMAN. FANNIE AND FREDDIE LOST A SIGNIFICANT SHARE OF THE SECONDARY MORTGAGE MARKET... |
| 02:22:51 |
|
YES, SIR. THAT WAS AN INTIMATE DISCUSSION IN THE PROCESS AND SO WHEN WE FIRST ENTERED THE SUBPRIME... |
| 02:24:06 |
|
FANNIE ACTED QUICKLY ON THIS NEW BUSINESS MODEL. FANNIE PURCHASED MORE THAN $200 BILLION IN ALT A... |
| 02:24:37 |
|
WELL, AGAIN SEPARATING OUT THE SUBPRIME AND ALT A, NOW ADDRESSING THE ALT A, CAN YOU LOOK BACK IN... |
| 02:25:18 |
|
CERTAINLY A HIGH PROPORTION OF LOSSES HAS COME OUT OF -- HAS COME OUT OF THE ALT A BOOK, YES. AND... |
| 02:26:06 |
|
THANK YOU FOR THAT RESPONSE. THE MEMO ALSO SAID WE DISCUSSED ADDITIONAL GROWTH IDEAS THAT WARRANT... |
| 02:26:25 |
|
NO. IT DOESN'T. THAT WASN'T IN FACT THE POLICY, CONGRESSMAN. THE CHALLENGE THAT WE WERE FACING IN... |
| 02:27:18 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. HE CAN ANSWER THE QUESTION. |
| 02:27:25 |
|
I DIDN'T HEAR THE QUESTION. |
| 02:27:28 |
|
THE QUESTION WAS YOU TOOK BUNDLES THAT WERE COMBINED WITH GOOD AND BAD MORTGAGES, GOOD AND BAD LOANS?... |
| 02:27:33 |
|
NO. THE PURPOSE OF THAT PROJECT WAS SPECIFICALLY NOT TO TAKE THE LOANS THAT WE WEREN'T COMFORTABLE... |
| 02:27:50 |
|
THANK YOU. |
| 02:27:52 |
|
MR. CHAIRMAN. I APOLOGIZE. COULD I TAKE A BRIEF BREAK? |
| 02:27:58 |
|
SURE. |
| 02:28:01 |
|
MR. CHAIRMAN, WHILE THAT'S OCCURRING MAY I -- |
| 02:28:03 |
|
I'M SORRY? |
| 02:28:05 |
|
MAY DO I THE SAME THING? |
| 02:28:07 |
|
YOU MAY. WHY DON'T WE TAKE A FIVE-MINUTE RECESS. OK. [CAPTIONING PERFORMED BY NATIONAL CAPTIONING... |
| 02:28:33 |
|
WE WILL NOW RECOGNIZE THE GENTLEMAN FROM OHIO, MR. TURNER, FOR FIVE MINUTES. |
| 02:28:40 |
|
THANK YOU, MR. CHAIRMAN. MR. RAINES, I WANT TO READ YOU A PORTION OF YOUR WRITTEN TESTIMONY. YOU... |
| 02:30:23 |
|
I THINK YOU HAVE A VERY LEGITIMATE POINT AS TO WHAT STAGE ARE YOU PROVIDING NECESSARY FUNDS TO THE... |
| 02:31:46 |
|
JUST A SECOND. THEY DID KNOW. THEY DID KNOW BOTH FROM THE INFORMATION THAT WAS BEING RECEIVED ON... |
| 02:34:06 |
|
A CUPPLE OF POINTS. FIRST I -- A CUPPLE -- A COUPLE OF POINTS. FIRST I THINK YOU ARE CORRECT EVEN... |
| 02:34:22 |
|
DIDN'T YOU HAVE A ROLE IN THAT? DIDN'T YOU HAVE A ROLE IN THAT? DIDN'T YOU HAVE AN ABILITY TO RAISE... |
| 02:34:41 |
|
WE DIDN'T HAVE ANY CAPACITY TO CONSTRAIN THE GROWTH OF THAT MARKET. IS WHAT I WOULD SAY. THE SECOND... |
| 02:35:09 |
|
THANK YOU, MR. CHAIRMAN. |
| 02:35:16 |
|
TIME HAS EXPIRED. THE GENTLEMAN FROM MASSACHUSETTS, MR. LYNCH. |
| 02:35:19 |
|
THANK YOU, MR. CHAIRMAN. BRIEFLY, I WANT TO CONGRATULATE CHAIRMAN WAXMAN IN HIS ABSENCE FOR HIS GREAT... |
| 02:35:51 |
|
WITHOUT OBJECTION, SO ORDERED. |
| 02:35:53 |
|
THANK YOU, MR. CHAIRMAN. JUST AS AN INITIAL MATTER OF CLARIFICATION, IT WAS ASKED EARLIER BY THE RANKING... |
| 02:36:23 |
|
IN OUR CASE -- PLEASE DON'T BURN MY TIME. THIS IS A SIMPLE MATTER. IS IT 620 OR 660? |
| 02:36:28 |
|
NO. |
| 02:36:30 |
|
YOU USE 660 THEN? |
| 02:36:31 |
|
NO. YOU DON'T USE 660 OR 620. WHAT DO YOU USE? |
| 02:36:35 |
|
THE ORIGINAL DEFINITION OF A SUBPRIME LOAN WAS BASED UPON THE ORIGINATOR WHEN THE MARKET DEVELOPED.... |
| 02:36:41 |
|
WHAT IS -- |
| 02:36:43 |
|
OTHER DEFINITIONS USED IN THE MARKETPLACE. |
| 02:36:48 |
|
THIS IS CONSISTENT -- YOU -- IF YOU HAVE ACCOMPLISHED ANYTHING HERE TODAY, YOU HAVE MADE CONSERVATORSHIP... |
| 02:40:46 |
|
CONGRESSMAN, APOLOGIZE. ABOUT THE DEFINITIONS AND I WANTED TO BE AS PRECISE AS I COULD. IF I CAN FOLLOW... |
| 02:40:54 |
|
THAT WOULD BE GREAT. |
| 02:40:56 |
|
I DON'T MEAN NOT TO ANSWER YOUR QUESTION. ON THE SECOND QUESTION WHAT I FOUND PERSONALLY WAS THAT... |
| 02:42:23 |
|
THANK YOU. |
| 02:42:25 |
|
WOULD YOU LIKE TO HAVE A CRACK AT THAT ANSWER? |
| 02:42:29 |
|
YES, SIR. I THINK AS I SAID THESE ORGANIZATIONS HAVE PROVIDE ADD LOT OF VALUE IN THE PAST. THERE'S... |
| 02:43:03 |
|
THANK YOU. MR. CHAIRMAN, I APPRECIATE. THANK YOU, SIR. I YIELD BACK. |
| 02:43:10 |
|
THE GENTLEMAN FROM CALIFORNIA, MR. BILBRAY. |
| 02:43:12 |
|
THANK YOU, MR. CHAIRMAN. GENTLEMEN, USED THE REFERENCE PERFECT STORM, CAN WE AGREE THIS WAS NOT AN... |
| 02:43:40 |
|
CONGRESSMAN, IF YOU ARE ADDRESSING THE QUESTION TO ME, I AHE GREE WITH YOU. IT'S A RESULT OF HUMAN... |
| 02:43:58 |
|
MY CONCERN IS I FEEL LIKE I'M IN 10, 15 YEARS I'M GOING TO HAVE POWER PLANT OWNERS COME TO US FOR... |
| 02:46:29 |
|
I WOULD SAY THAT THE EXPANSION OF CREDIT THAT WENT ALL THE WAY BACK TO THE 1990'S AND WENT THROUGH... |
| 02:46:46 |
|
MR. MUDD, LET'S TALK ABOUT THIS, TOO, HOW ABOUT SELF-CREATING THE CRISIS? DIDN'T THE AVAILABILITY... |
| 02:47:06 |
|
CONGRESSMAN I THINK YOU RIGHTLY DESCRIBE IT AS A CIRCULAR BE PROBLEM. THE MORE ONE THING HAPPENED... |
| 02:47:26 |
|
JUST BY THE ACT, BE IT GOOD INTENTION OR NOT, BE IT CONGRESS OR THE PRIVATE SECTOR, PROVIDING THE... |
| 02:47:49 |
|
ARE YOU DESCRIBING A CLASSIC FINANCIAL BUBBLE. I THINK YOU'RE RIGHT. AS I TRIED TO SET FORTH IN MY... |
| 02:48:12 |
|
MR. RAINES, I WAS INVOLVED IN 18 YEARS WITH AFFORDABLE HOUSING. EXPLAIN TO ME HOW YOU CAN PROVIDE... |
| 02:49:03 |
|
I THINK YOU AND I HAVE PROBABLY SPENT ABOUT A SIMILAR PERIOD OF TIME WITH AFFORDABLE HOUSING. I THINK... |
| 02:50:05 |
|
THANK YOU VERY MUCH, AND FOR BEING HERE. I HAVE TWO BASIC QUESTIONS. WHAT MISTAKES DID YOU MAKE THAT... |
| 02:51:04 |
|
I CAN, CONGRESSMAN, AND THANK YOU FOR THE QUESTION. I THINK THAT THE STRUCTURE OF THE COMPANIES AS... |
| 02:52:41 |
|
THANK YOU VERY MUCH. LET ME ASK YOU, MR. RAINES, I'D LIKE TO HEAR YOUR VIEW ABOUT WHAT MISTAKES WERE... |
| 02:53:00 |
|
I'M SORRY. I WOULD POINT TO A COUPLE OF THINGS DURING MY TENURE THAT I WISH HAD BEEN DONE DIFFERENTLY.... |
| 02:54:42 |
|
A THANK YOU VERY MUCH. LET ME ASK, AND ANSWER THE SAME QUESTION, COULD YOU INDICATE ANY FEELING OF... |
| 02:54:58 |
|
YES, SIR. WHAT I WISH THAT WE HAD DONE AND WE TRIED TO DO THIS, INSISTED ON MORE PRECISION OR SOME... |
| 02:55:40 |
|
THANK YOU. I WAS THE CEO OF FREDDIE MAC FOR A LONG TIME. OVER THOSE YEARS, I MADE MANY MISTAKES IN... |
| 02:57:55 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 02:57:56 |
|
THANK YOU, MR. CHAIRMAN. |
| 02:57:59 |
|
THANK YOU. |
| 02:58:00 |
|
CONGRESSMAN SALI OF IDAHO. |
| 02:58:02 |
|
THANK YOU, MR. CHAIRMAN. GENTLEMEN, I HAVE TO TELL YOU I'M A LITTLE SURPRISED THAT I'M GETTING THIS... |
| 02:58:31 |
|
YES, SIR. |
| 02:58:34 |
|
WHILE I THINK THAT EACH OF YOU WOULD AGREE THAT -- I DON'T KNOW WHAT THE EXACT NUMBERS ARE BUT SOMEWHERE... |
| 03:00:15 |
|
YEAH, CONGRESSMAN, I WOULD DISAGREE RESPECTFULLY IN THE SENSE THAT IT'S NECESSARY TO MAINTAIN A BALANCE... |
| 03:00:33 |
|
BUT WE'RE NOT TALKING ABOUT SUCCESS. WE'RE TALKING ABOUT STABILITY. AND ALL DAY LOANS FAILING AT 10... |
| 03:00:44 |
|
YES. |
| 03:00:45 |
|
OK. NOW, EACH OF YOU WOULD AGREE THAT DURING YOUR TIME AT FANNIE AND FREDDIE YOU RECEIVED MORE IN... |
| 03:01:23 |
|
I WOULD DISAGREE WITH THAT. |
| 03:01:25 |
|
THERE WAS NO PARTY OR BONUS THAT WAS INCREASED ON LEVELS OF ALL-DAY LOANS? |
| 03:01:31 |
|
THAT WAS NOT OUR GOAL TO INCREASE ALL-DAY LOANS, NO. |
| 03:01:34 |
|
BECAUSE OF THE NUMBER OF ALL-DAY LOANS, YOUR BONUSES WENT UP, IS THAT A FAIR STATEMENT? BECAUSE OF... |
| 03:01:44 |
|
DON'T BELIEVE SO, NO. |
| 03:01:45 |
|
IT DIDN'T INCREASE THE AMOUNT OF LOANS -- TOTAL LOANS THAT WERE GIVEN? |
| 03:01:50 |
|
ALL-DAY LOANS CAN INCREASE THE TOTAL VOLUME OF LOANS THAT YOU HAVE AND THAT -- |
| 03:01:54 |
|
AND THAT INCREASED YOUR BONUS, DIDN'T IT? |
| 03:01:58 |
|
IT WAS NOT BASED ON VOLUME. IT WAS BASED ON PROFITABILITY AND PRICING. SO IF YOU PROPERLY -- |
| 03:02:01 |
|
SO IF YOU HAVE MORE VOLUME YOU HAVE NO PROFIT, CORRECT? |
| 03:02:05 |
|
NOT NECESSARILY, AS WE CAN SEE HAVING A LOT OF VOLUME CAN CREATE A LOT OF LOSSES. THERE'S NO NECESSARY... |
| 03:02:20 |
|
SO YOUR BONUSES, YOU'RE SAYING THAT YOUR BONUSES IS BASED ON VOLUME AND THAT THE ALL-DAY LOANS ARE... |
| 03:02:27 |
|
I SAID MY BONUSES WERE NOT BASED ON VOLUME. |
| 03:02:30 |
|
PROFITABILITY, NOT BASED ON VOLUME, BASED ON PROFITABILITY AND THAT THE ALL-DAY LOANS HAD NOTHING... |
| 03:02:36 |
|
NO. I SAID THAT THE PROFITABILITY OF ALL-DAY LOANS JUST LIKE ANY |
| 03:02:40 |
|
OK. |
| 03:02:42 |
|
WOULD HAVE AN IMPACT ON THE BONUS. |
| 03:02:45 |
|
DID THE FACT THAT THERE WERE MORE ALL-DAY LOANS THAT WERE FUNDED BY FAN YEAS AND NAYS ARE ORDERED... |
| 03:02:57 |
|
IN MY CASE, I DON'T BELIEVE SO. BUT I WOULD HAVE TO GO BACK TO 2004 -- REMEMBER, I LEVT IN 2004. SO... |
| 03:03:14 |
|
IT HAD NO IMPACT ON THE BONUSES THAT YOU RECEIVED, IS THAT YOUR TESTIMONY? |
| 03:03:19 |
|
I BELIEVE IT DID NOT BECAUSE IT WAS SUCH A SMALL PART OF OUR BUSINESS IN 2004. |
| 03:03:25 |
|
IT HAD NO IMPACT ON YOUR BONUS? |
| 03:03:27 |
|
I DON'T BELIEVE IT DID. |
| 03:03:29 |
|
IS THAT TRUE FOR THE REST OF YOU AS WELL? |
| 03:03:32 |
|
YES. LAST TIME I RECEIVED A BONUS WAS FOR THE YEAR 2001. IT WAS NOT BASED ON THE ALL-DAY MORTGAGES.... |
| 03:03:43 |
|
I'M NOT ASKING ABOUT THE LEVEL. I'M ASKING ABOUT THE FACT THAT THERE WERE ALL-DAY LOANS -- YOU WERE... |
| 03:03:59 |
|
IN CASE OF MR. BRENDESL AND MYSELF, YOU HAVE TO SEPARATE THE ALL-DAY MARKET BECAME DRAMATICALLY LARGER... |
| 03:04:20 |
|
LET ME ASK MR. MUDD AND MR. SYRON, IS IT TRUE FOR YOU THAT THE ALL-DAY LOANS INCREASED YOUR BONUS?... |
| 03:04:26 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. |
| 03:04:30 |
|
NO, CONGRESSMAN, BECAUSE THE GOALS THAT I HAD FOR MOST OF THAT PERIOD REFLECTED A WIDE RANGE OF THINGS... |
| 03:05:04 |
|
SIR, WE ALSO HAD A COMPENSATION COMMITTEE APPRISED OF THE INDEPENDENT DIRECTORS. WE HAD A BALANCE... |
| 03:05:27 |
|
THANK YOU VERY MUCH. THE GENTLEMAN FROM KENTUCKY, MR. YARMUTH. |
| 03:05:30 |
|
THANK YOU, MR. CHAIRMAN. AND I'D LIKE TO ALSO ADD FOR THE RECORD MY CONGRATULATIONS AND THANKS TO... |
| 03:07:08 |
|
WELL, I THINK IN RETROSPECT, SIR, WE'VE LEARNED THAT THE ENTIRE FINANCIAL SYSTEM AND IF I MAY SAY... |
| 03:07:42 |
|
MR. MUDD. |
| 03:07:44 |
|
IF HYPOTHETICALLY IF I WERE RUNNING THE COMPANY ON A GOING -- ON A GOING FORWARD BASIS, AND I HAD... |
| 03:08:36 |
|
GOING BACK TO THE QUESTION OF LEVERAGE, THOUGH, WAS THERE EVER ANY DISCUSSION INTERNALLY IN YOUR OPERATIONS... |
| 03:08:49 |
|
WE ACTUALLY WERE -- HAD RAISED CAPITAL AND WERE CARRYING CAPITAL DURING THIS PAST YEAR THAT WAS SIGNIFICANTLY... |
| 03:09:28 |
|
I TAKE IT AND I'M NOT TRYING TO SAY THAT -- I'M NOT TRYING TO QUESTION OR QUESTIONING IN HINDSIGHT... |
| 03:09:46 |
|
WE WERE CARRYING -- WE WERE CARRYING CAPITAL THAT WAS NOT ONLY MET BUT EXCEEDED ALL OF THE REGULATORY... |
| 03:09:52 |
|
UNDERSTAND THE REGULATORY STANDARDS. BUT FROM JUST LOGICAL -- LEVERAGE OF THIS TYPE, DOESN'T IT RELY... |
| 03:10:35 |
|
I DEFINITELY THINK THAT YOU ARE ON TO THE RIGHT ISSUE AND THE ABILITY OF THE LEVEL OF CAPITAL IN EITHER... |
| 03:11:09 |
|
THANK YOU VERY MUCH. THE GENTLEWOMAN FROM NORTH CAROLINA, MS. FOXX. |
| 03:11:13 |
|
THANK YOU, MR. CHAIRMAN. AND I, TOO, WANT TO CONGRATULATE YOU ON YOUR NEW POSITION AND TELL YOU I... |
| 03:16:57 |
|
THE GENTLEWOMAN FROM. |
| 03:16:58 |
|
COULD THEY ANSWER REAL FAST, THEIR ANSWER, MR. CHAIRMAN? |
| 03:17:02 |
|
ALL RIGHT, IF THEY REMEMBER. VERY QUICKLY. |
| 03:17:04 |
|
BECAUSE WE WANT THE AMERICAN PEOPLE TO KNOW WHAT YOUR ADVICE IS ON THAT. |
| 03:17:08 |
|
VERY QUICKLY BECAUSE TIME HAS EXPIRED. |
| 03:17:11 |
|
CONGRESSWOMAN, FIRST OF ALL, WITH REGARD TO ACCOUNTABILITY, I HAVE THREE FULL PAGES IN MY WRITTEN... |
| 03:17:55 |
|
YES, I CERTAINLY WAS ACCOUNTABLE FOR WHAT HAPPENED TO FREDDIE MAC DURING MY -- |
| 03:18:00 |
|
IS YOUR MIKE ON? |
| 03:18:01 |
|
I AM AND I WAS HELD ACCOUNTABLE FOR WHAT HAPPENED TO FREDDIE MAC DURING MY TENURE AT THE COMPANY.... |
| 03:18:48 |
|
MR. MUDD. |
| 03:18:50 |
|
DO I EXPECT SUNNY DAYS? NO. I WENT TO MEXICO WHEN THE PESO WAS DEVALUED. I WENT TO ASIA WHEN THE 1998... |
| 03:19:21 |
|
MR. SYRON. |
| 03:19:24 |
|
THANK YOU, SIR. WITH RESPECT TO FORESIGHT AND SEEING THINGS GOING FORWARD, I WAS NOT AS PESSIMISTIC... |
| 03:19:48 |
|
ALL RIGHT. |
| 03:19:50 |
|
MR. CHAIRMAN, RANKING MEMBER ISSA, THANK YOU FOR HOLDING THIS HEARING. MR. CHAIRMAN, THERE HAVE BEEN... |
| 03:22:07 |
|
I'M SORRY. COULD YOU REPEAT THE QUESTION |
| 03:22:11 |
|
YES. WHAT HE'S SAYING IS THAT YOUR COMPANY WAS RAMPING UP TOO QUICKLY ON SUBPRIME PURCHASES AND THIS... |
| 03:22:23 |
|
I BELIEVE THAT'S WHAT HE WAS SAYING IN HIS NOTE, YES, SIR. |
| 03:22:26 |
|
AND THEN LATER IN THE EMAIL, IF WE CAN GO TO THE NEXT SLIDE, HE SAYS "WE APPROVED TWICE IN MARCH AND... |
| 03:22:58 |
|
YES. THERE'S PART OF THE MEMO THAT'S MY RESPONSE TO HIM THAT'S COVERED UP BY THE BOX. |
| 03:23:04 |
|
WE'RE GOING TO GET TO THAT. |
| 03:23:05 |
|
WHICH THAT FURTHERS THE |
| 03:23:07 |
|
RIGHT. BUT WHEN HE SENT THIS EMAIL TO YOU, DID YOU AGREE WITH HIS ASSESSMENT? |
| 03:23:13 |
|
THAT'S WHY I WROTE ABOVE IT, IT'S A SERIOUS MATTER. AND IF THE FACTS ARE SUPPORTIVE, YOU AND I WILL... |
| 03:23:29 |
|
RIGHT. SO LET'S GO TO THAT PORTION OF THE MEMO THAT YOU REPLIED. AND YOUR REPLY WAS STATE ON SUNDAY,... |
| 03:23:49 |
|
YES. |
| 03:23:52 |
|
AND SAYS "IF THE FACTS WERE SUPPORTIVE, WE WILL COME DOWN HARD." WERE THE FACTS SUPPORTIVE? |
| 03:23:57 |
|
THE FACTS WERE PARTIALLY SUPPORTIVE. I WOULD SAY IN THIS CASE EVEN MOSTLY SUPPORTIVE. WE CALLED ALL... |
| 03:25:58 |
|
IF I MAY, HIS MEMO -- I HAVE A SERIOUS PROBLEM WITH THE CONTROL PROCESS AROUND THE SUBPRIME LIMIT.... |
| 03:26:38 |
|
UNDERSTAND THAT. BUT THE WHOLE IMPORTANCE OF HAVING A CONTROL PROCESS IN PLACE IN A COMPANY LIKE YOURS... |
| 03:27:01 |
|
THAT'S WHY IT'S IMPORTANT TO FIX THEM. |
| 03:27:04 |
|
THE GENTLEMAN'S TIME HAS EXPIRED. MR. MCHENRY FROM NORTH CAROLINA. |
| 03:27:07 |
|
I THANK THE NEW CHAIRMAN AND CONGRATULATIONS TO YOU. LOOK FORWARD TO WORKING WITH YOU. WE'LL START... |
| 03:27:52 |
|
I DIDN'T FEEL PRESSURE FROM CONGRESS. |
| 03:27:54 |
|
SO NO. |
| 03:27:56 |
|
I'M ASKING -- I ONLY HAVE |
| 03:27:57 |
|
NO. |
| 03:27:59 |
|
YOU'VE HAD A LONG DAY, SO I'M TRYING TO -- |
| 03:28:02 |
|
NO. INTERESTING. |
| 03:28:04 |
|
NO. |
| 03:28:05 |
|
NO. |
| 03:28:09 |
|
MR. MUDD? |
| 03:28:11 |
|
NO BECAUSE AS THE GOALS WENT UP THE GOALS CAME FROM H.U.D. AND MEETING THOSE H.U.D. GOALS CREATED... |
| 03:28:20 |
|
MR. SYRON. |
| 03:28:22 |
|
AS THE GOALS WENT UP AND THE GOALS WERE SPECIFIED BY H.U.D., YOU INEVITABLY TO MAKE MORE PROGRESS... |
| 03:28:32 |
|
OK. SO YOU HAD -- IN ORDER TO MAKE MORE PROGRESS WITH YOUR AFFORDABLE HOUSING GOAL YOU HAD TO TAKE... |
| 03:28:44 |
|
BUY RESCUE MORTGAGES. |
| 03:28:45 |
|
BUY RISKIER MORTGAGES. IT'S INTERESTING, MR. SYRON GAVE I THINK SOMETHING MORE AKIN TO WHAT I WAS... |
| 03:31:10 |
|
I DISAGREE. IN MY TIME THAT I WAS THERE I DID NOT FEEL PRESSURED FROM THE CONGRESS TO DO RISKIER LOANS... |
| 03:31:44 |
|
AND WHO FUNDS H.U.D., CONGRESS. I HATE TO REFERENCE THIS AND MR. RAINES KNOWS FROM HIS POLITICAL... |
| 03:31:55 |
|
HOWEVER, CONGRESSMAN, AT THAT TIME, JUST TO BE FAIR, CONGRESS WAS IN THE HANDS OF THE REPUBLICANS.... |
| 03:32:08 |
|
READING FROM YOUR QUOTE IN "THE WASHINGTON POST" YESTERDAY, YOU WANT TO MAKE THIS A PARTISAN SITUATION.... |
| 03:32:14 |
|
CONGRESSMAN, THAT'S JUST NOT CORRECT. I SAID -- I WANTED IT NOT TO BE A PARTISAN SITUATION. |
| 03:32:18 |
|
OH, OK. OK. WELL, THAT'S GENEROUS OF YOU. SO I READ IN "THE WASHINGTON POST" FROM YESTERDAY THAT... |
| 03:32:47 |
|
BY ADVOCACY GROUPS, YES, SIR. |
| 03:32:49 |
|
YES. AND THOSE SAME ADVOCACY GROUPS ARE CLOSELY ALIGNED TO SOME MEMBERS OF CONGRESS AS WELL. AND... |
| 03:32:59 |
|
I WOULD BE SPECULATING TO GET INTO -- |
| 03:33:01 |
|
WELL, I TELL YOU, YES, THEY ARE. THANK YOU. |
| 03:33:05 |
|
THANK YOU VERY MUCH. |
| 03:33:16 |
|
I'M SORRY. THE GENTLEWOMAN FROM WASHINGTON RETURNED. |
| 03:33:18 |
|
THANK YOU VERY MUCH, MR. CHAIRMAN. YOU DON'T WANT TO START OFF MAKING MISTAKES. |
| 03:33:22 |
|
THAT'S RIGHT. I WANT TO START THIS THING OFF RIGHT. GENTLEMEN, I HAVE TO CONFESS, MY MAJOR CONCERNS... |
| 03:36:29 |
|
WELL, I CAN EXPLAIN IT I THINK VERY QUICKLY. THE SYSTEMIC RISK TO THE SYSTEM COMES FROM ANY VERY LARGE... |
| 03:37:56 |
|
WOULD PEOPLE INVEST IN SUCH A COMPANY? |
| 03:37:58 |
|
THEY INVEST IN UTILITIES, THEY INVEST IN DEFENSE CONTRACTORS AND THEY INVEST IN BANKS WHICH HAVE A... |
| 03:38:06 |
|
DO YOU THINK WE SHOULD TREAT FANNIE MAE AND FREDDIE MAC MORE LIKE A UTILITY THEN? |
| 03:38:11 |
|
I THINK THE -- TREATING THEM MORE LIKE A UTILITY MAY BE POLITICALLY MUCH MORE COMFORTABLE THAN TREATING... |
| 03:38:21 |
|
LET ME GO ON TO MR. MUDD WHO HAS INDICATED THAT FREDDIE AND FANNIE MAE ARE IN A "NO MAN'S LAND," AND... |
| 03:38:42 |
|
THE ADVOCACY, CONGRESSWOMAN, IS TO MAKE IT CLEAR FOR A LONG TIME -- |
| 03:38:46 |
|
AND YOU DON'T CARE WHICH IT IS, SIR? |
| 03:39:03 |
|
I THINK THAT HALL AT THE COMPANY AND THERE ARE DIFFERENT COMPONENTS THAT PROVIDE THE GUARANTEE BUSINESSES... |
| 03:39:54 |
|
I WOULD LIKE TO TELL IF THAT IT IS BELIEVED THAT AN ENTIRELY PRIVATE COMPANY CAN BE TRUSTED TO PROTECT... |
| 03:40:11 |
|
MADAM CONGRESSWOMAN, I DON'T THINK THAT A PURELY PRIVATE COMPANY COULD GENERATE LONG- TERM-FIXED-RATE... |
| 03:41:34 |
|
WHAT ABOUT THE SHAREHOLDER |
| 03:41:35 |
|
WHAT? |
| 03:41:36 |
|
WHAT ABOUT THE SHAREHOLDER MISSION? |
| 03:41:39 |
|
WELL, IN ORDER FOR IF THE SHAREHOLDERS ARE SERVED, THEY'RE ONLY SERVED BY SERVING THAT MISSION OF... |
| 03:41:59 |
|
THANK YOU VERY MUCH, MR. CHAIRMAN. |
| 03:42:03 |
|
THANK YOU VERY MUCH. MR. GARRETT FROM NEW JERSEY. |
| 03:42:07 |
|
I THANK THE CHAIRMAN, AND I THANK THE RANKING MEMBER FOR THE OPPORTUNITY. I NORMALLY SERVE ON THE... |
| 03:47:45 |
|
I KNOW YOU WAITED TWO HOURS BUT YOUR TIME HAS EXPIRED. |
| 03:47:48 |
|
THANK YOU, AGAIN, FOR THE OPPORTUNITY, THOUGH. |
| 03:47:54 |
|
I BELIEVE TWO QUESTIONS THAT |
| 03:47:55 |
|
SURE. |
| 03:47:57 |
|
ONE OF THEM ABOUT REGULATION AND FANNIE MAE'S ACTIVITIES WITH REGARD TO LEGISLATION AND THE OTHER... |
| 03:48:03 |
|
RIGHT. |
| 03:48:05 |
|
IS THAT CORRECT? |
| 03:48:06 |
|
YEAH. |
| 03:48:08 |
|
WITH REGARD TO FANNIE MAE AND LEGISLATION, IT WAS ALWAYS MY DESIRE, AND I WORKED VERY HARD BUT UNSUCCESSFULLY... |
| 03:50:13 |
|
WITH REGARD TO DERIVATIVES, THE USED DERIVATIVES SAID FREDDIE MAC TO REDUCE RISK AND TO MANAGE INTEREST-RATE... |
| 03:50:36 |
|
OR INTEREST RATES? |
| 03:50:39 |
|
WE USED IT TO REDUCE RISK BUT THIS IS NOT HAVE ANYTHING TO DO WITH THE LOSSES THAT HAVE BEEN TAKEN... |
| 03:51:49 |
|
SHOULD WE HAVE THE SAME CAPITAL STANDARDS -- SHOULD THERE BE THE SAME CAPITAL STANDARDS? I THINK... |
| 03:53:01 |
|
YOU HAVE DEMONSTRATED EXTRAORDINARY STAMINA HERE TODAY. IT REFLECTS THE LEVEL OF INTEREST ON THE PART... |
| 03:54:52 |
|
ALL LOANS ARE RISKY, THEY ALL HAVE SOME LEVEL OF RISK TO THEM AND IT IS IMPORTANT TO BE ABLE TO MEASURE... |
| 03:56:53 |
|
LET ME GO TO YOUR TENURE, FANNIE MAE WAS PURCHASING MORE OF THESE LOANS THAT APPEARED TO HAVE DEPARTED... |
| 03:57:11 |
|
WHAT HAPPENED WAS THE MARKET MIGRATED TO A WIDER RANGE OF LOANS WITH A WIDER RANGE OF FEATURE THAT... |
| 03:58:37 |
|
IN ALL OF THESE HEARINGS, IT IS NOT THE CASE -- IF I AM LISTING AS A MEMBER OF THE PUBLIC, IT HAS... |
| 03:59:51 |
|
MY ANSWER IS YOU HAVE TO CREATE A CULTURE THAT ENABLES THOSE PEOPLE TO GET THEIR VOICE HEARD. IT DOES... |
| 04:00:39 |
|
GENTLEWOMAN FROM CALIFORNIA. |
| 04:00:42 |
|
THANK YOU. I WILL ASK A COUPLE OF BRIEF QUESTIONS. |
| 04:00:52 |
|
ARE ANY OF YOU EMPLOYED BY THE FINANCIAL-SERVICES INDUSTRY? IN EACH OF YOUR CASES, WAS A COMPENSATION... |
| 04:01:21 |
|
WE HAD A BALANCE LOOK WHETHER SHARE WAS A PART OF THAT. INDIRECTLY THERE MAY HAVE BEEN BUT I DON'T... |
| 04:01:32 |
|
WE HAD A PARALLEL PROCESS WHERE THERE WERE A NUMBER OF DIFFERENT OBJECTIVES THAT NEEDED TO OCCUR.... |
| 04:01:42 |
|
SO THERE WAS A LINK? |
| 04:01:46 |
|
THEY WERE AN OVERALL COMPONENT FOR THAT YES. |
| 04:01:51 |
|
MY COMPENSATION WAS SET BY THE BOARD OF DIRECTORS. AND EVALUATED ANNUALLY. THEY CONSIDERED MANY FACTORS.... |
| 04:02:29 |
|
I DON'T BELIEVE THAT VOLUME PLAYED A ROLE WHEN I WAS THERE, BUT PROFITABILITY DID. SOMETIMES MIKE... |
| 04:02:46 |
|
MR. MUDD I AM REFERRING TO A "IN NEW YORK TIMES" ARTICLE. IT QUOTES A MAN AS TELLING YOU THAT YOU... |
| 04:03:23 |
|
I DO NOT REMEMBER THAT EXCHANGE AT ALL. I LOOKED BACK THROUGH MY RECORDS FOR A PRO PREPARATION IN THIS... |
| 04:04:03 |
|
YOU DON'T OFFERING -- REMEMBER HIM OFFERING YOU ABREAST MET AT THE END? THERE IS A PRESENTATION FROM... |
| 04:04:45 |
|
YES. |
| 04:04:48 |
|
DID YOU LOWER YOUR STANDARD TO OBTAIN LOANS FROM -- OR RISK FROM COUNTRYWIDE? |
| 04:04:54 |
|
KNOW. WE HAD A DEBATE THAT I DESCRIBED DURING THE COURSE OF THE HEARING THAT SAID THAT THE CORE OF... |
| 04:06:01 |
|
THE DOCUMENTS THE COMMITTEE RECEIVED APPEARS THAT THE MORTGAGES THAT FANNIE MAE BOUGHT BETWEEN 2005-2007... |
| 04:06:42 |
|
I THINK THAT IS A WRAP IS -- REPRESENTATION, I THINK COUNTRYWIDE WOULD BE A COMPONENT OF THAT TOTAL... |
| 04:06:58 |
|
YOU WERE ABLE TO GIVE MR. SHAYS ONE MINUTE. MR. SALLEY IS ABOUT TO LEAVE US. HE HAS ONE VERY IMPORTANT... |
| 04:07:21 |
|
THIS IS THE LAST TIME I WILL BOTHER YOU. THIS WILL BE FOR MR. SIREN, I GUESS. YOU SHOULD HAVE A DOCUMENT... |
| 04:08:40 |
|
I AM SEEING THIS FOR THE FIRST TIME IN SOME PERIOD OF TIME. UNFORTUNATELY, I DO NOT REMEMBER. |
| 04:08:59 |
|
IS THAT SOMETHING YOU CAN PROVIDE IN WRITTEN FORM FOR THE COMMITTEE? |
| 04:09:02 |
|
YES SIR. |
| 04:09:12 |
|
MR. CHAIRMAN, WITH THAT, I HAVE ONE QUESTION IN WRITING AND I WANT TO SUBMIT THAT TO THE |
| 04:09:26 |
|
SO ORDERED. LET ME THANK ALL THE WITNESSES FOR YOUR TESTIMONY, WE APPRECIATE THE TIME YOU HAVE SHARED... |
| 04:09:56 |
|
THANK YOU, MR. CHAIRMAN. [CAPTIONING PERFORMED BY NATIONAL CAPTIONING INSTITUTE] [CAPTIONS COPYRIGHT... |
| 04:10:11 |
|
WE WILL TAKE A RECESS BEFORE OUR SECOND PANEL. |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
RELATED PROGRAMS
DETAILS
PEOPLE GRID LIST
-
-
-
-
-
-
Issa, Darrell
U.S. Representative (Former) [R] California -
Waxman, Henry
U.S. Representative (Former) [D] California -
-
-
-
-
-
Towns, Edolphus
U.S. Representative (Former) [D] New York -
-
-
Souder, Mark Edward
U.S. Representative (Former) [R] Indiana -
-
-
-
-
-
-
Burton, Danny "Dan" Lee
U.S. Representative (Former) [R] Indiana -
-
-
-
-
-
-
Westmoreland, Lynn A.
U.S. Representative (Former) [R] Georgia -
PURCHASE
-
- Price:
- Media Format:
- DVD