Here in this committee that we swear all of our

witnesses in. So will you please rise and raise...

Pull your mike just a little closer. Yes, thank

you.

Thank you very much, Mr. Pinto.

Mr. Kling.

Without objection.

Thank you very much, Mr. Kling.

Mr. Calomiris.

-- (inaudible) -- Yeah, let me just say that, based

on that, let me just read this, and you...

-- (inaudible) --

(Cross talk)

-- therefore, I'll give you an extra minute --

-- in your testimony. We'll give you an extra

minute.

Without objection.

Now I'll read the replacement text: "Tables 1

and 2 show that, comma, for each category of mortgages...

Yes. Well, I conclude that counter -- actually

the crisis would have been less than half as...

Thank you, Mr. Chairman. I would ask please that

my written statement and two attachments be...

Thank you, sir.

Mr. Chairman, Ranking Member Issa, members of the distinguished

committee,...

Mr. Chairman, I totally agree with you,

and in fact, of all the things that -- my hope as ranking...

Yes, sir, I'd be delighted. If you look carefully

at the law -- and I'm a student of the charters...

I have a little different take on that. When the

original goals were set subsequent to the 1992...

I just want to add that I think that there were

obviously other motivations too for getting...

I have something, Mr. Chairman.

These are two companies funding $5 trillion in

mortgages. The whole point of trying to underwrite...

Thank you, Mr. Chairman. This is a wonderful panel

and I appreciate your statements, and obviously...

I appreciate that.

And Mr. Calomiris, I see you're shaking your head "yes".

So...

Okay, thank you.

Thank you.

Thank you, Mr. Chairman. And I think with that we'll probably

realize that...

Thank you very much.

Congressman Bilbray from California.

Sixty-two trillion (dollars) or something.

Sixty trillion (dollars) outstanding at the end of

last year -- gross.

Trillion.

And it came from nothing 10 years ago.

Yes. I'd just like to say something briefly

about that.

On an optimistic note, remember...

I think the issue of credit default swaps has been

covered. But I want to point out something...

Thank you very much. Thank you.

The gentleman from Ohio -- Idaho --

-- Congressman Sali.

Excellent question. In my prepared remarks, I

proposed two solutions, a short-term and a long-term....

The mortgage lender -- well, the federal government

is on the hook for -- I hate to tell you...

You already own these loans. You're responsible for

them -- $4.6 trillion of the $12 trillion...

No, I'm not creating value out of thin air. You have

to write down these mortgages to a level...

Aren't those same 8 million people going to live in

those same houses, though? I mean, they're...

Let me say to the gentleman, your time has long

expired.

Let me thank all the witnesses....