Order. I now recognize myself. I am. Sorry with that objection, the, chairs in our authorized to declare recess. Of the, committee and anytime. Members of the, committee not on the subcommittee, are authorized to participate in twos hearing. And, the, hearing is entitled, an examination of the federal housing administration. And its impact on homeownership in america. I now recognize, myself, to give an opening statement. Okay. There was a time, when i have a chase policies, explicitly denied access to the American Dream of Home Ownership. Two black families and people of color. Making only only on home a privilege, afforded primarily to white americans. Or contributing to the racial wealth gap as we know. It as of the third quarter, of 2019, the white homeownership rate is 73 compared to nearly 48 for that he knows and 43 for black home owners. Today fha plays an Important Role in the Housing Finance system. And is helping to ensure that access to homeownership is broadly available in in 2019 alone, they have over 615,000 borrowers become home owners for the first time. With over 33 of the markets endorsements serving minority borrowers and over half serving low to moderate income borrowers. Fha also plays a vital role in expanding access to affordable rental housing through its Family Insurance Program yet in the midst of the current Affordable Housing crisis, it burdens so many families with an affordable rents, secretary carsons chose to terminate the fage a partnership with the federal finance bank which provided low cost financing, for affordable multi Family Housing loans. Avichai is designed to play a Counter Cyclical role, in the housing market. Meaning as market share expands, when the private market receipts. This helps provide long term stability to the housing market. Particularly doing economic downturns. Thankfully the markets can overall economy have been trending. Well to do in large part to the focus in policy of the obama administration. Yet, they remain concerns, that f h a is failing to take adequate measures to help borrowers, avoid foreclosure including elderly borrowers. With reverse mortgages. In addition, a media to the following president trumps inauguration, they suspended a planned quarter point decrease on annual fha and sure and premiums. With a chain should morgan just. According to research for the National Association of realtors, lawfully 240,000 creditworthy borrowers were priced out of harm by market in 2014. Solely due to their high premiums. Despite the Strong Financial health of their mutual market without the Insurance Fund. , and calls, from advocates, and stakeholders, to lift the suspension. Had a leadership, has maintained this especially indefinitely. This decision has diminish homeownership opportunities in st. Louis and across the states. The nation. Locking many hardworking families into or enter ship and exacerbating the racial wealth gap. With that, i look forward, to hearing the testimony. Today. And, i yield back, and recognize the gentleman from ohio. Thank, you i really appreciate you holding this hearing. Commissioner montgomery, i appreciate you being here. Before the subcommittee. I, know you wear multiple hats at a hug. And, we welcome you, in your capacity, as commissioner of the federal housing administration. Edgy has a credible, Mission Helping individuals achieve their dream of Home Ownership. Achieving that dream has real consequences. Homes, act as savings vehicles. In our longterm investments, that generally appreciate in value. In other, words only, Home Building equity, house sales generate wealth. In, fact according to a 2018 study, of duke university, reducing disparities and homeownership by race would narrow at the racial wealth gap by 31 . Earlier this, year when some of my colleagues on the other side attacked the idea of gentrification i urge them to join, me in addressing a real solution to the problem, that is the disparity in racial Home Ownership. And i want to recall on the chairman to work with me on. That does. Efforts because i think we both believe in that, and, commissioner welcoming, id ask you to join us. As we try to address that effort. Because i think it is a very important effort to help ensure everyone can achieve the american jew. You and i wanna talk more about. That path h a i think is a very important tool in that. And, we should view within our insurance as important tools to climb the economic ladder. But it needs to be stable. Families can climb the ladder if the Insurance Fund is imploding before they get there. So, commissioner, you know served in three different hugs in hot in three different administrations. So i know you have real bipartisan credentials working in three administrations of different political folks. You times but in public service, gives you some unique insights to the Housing Center as its evolved during the financial crisis. I want to hear that up today. Its giving you an appearance with a Counter Cyclical offer. And, thats important. A particularly important during downtowns. Understanding, how the razorthin fha Insurance Fund is right now. , and though its better than it was, it is still not where you want. That put stats repairs at whoriskey. I appreciate the work youre, done to rebuild a vijay found. In, fact to its highest level, in 12 years, and i want to congratulate you. I think theres more to be, done, and im, glad we are not putting it at risk. By artificially cutting rates before the fund is stable. It also begs the, question how we can further reform the strengthened by transferring risks to the taxpayers from the farm sector. The federal and has a terrible record of pricing risk. And you only need to look to the federal Flood Insurance program. Eventually does that do. You brought, by the same token, government can also be less capable at determining where individuals are good risks and therefore should pay this. , so i think there is some reforms we can do on pricing, instant one size fits. All of that uses the private sector for a price discovery. Some unique partnerships, in the future. I look forward to talking with the chairman you about. That because i think some folks deserve to actually do a little better. And with, that i ask Ranking Member mick henri into the record. The thank you mister chairman. I yield back. General from ohio, today, we mocha welcomed the testimony, of commissioner Brian Montgomery of the federal housing administration. Witnesses reminded that your oil testimony will be limited to five minutes. Without objection, your written statement, will be made, a part of the record. , and you are now recognized for five minutes to give an oral presentation. Thank you very much. Ranking member steyer, distinguish members of the subcommittee. I am honored to appear for you, to discuss the progress, and improvements, and edgy has made recently. I fha as made significant progress in improving the performance of its Insurance Fund and mitigating risk within its programs. Reducing regulatory burdens. And modernizing the platforms. This is our 2019 annual report to congress, on the state other mutual mortgage Insurance Fund. As you, know congress has the statutory middle and 2 capital ratio with the am i fund. The capital ratio, is a strong, indicator of the, funds financial. Health, and includes, our forward, and reverse mortgage products. Our annual reports, show the capital ratio increased 2. 7 6 to last year. The 4. 4 in 2019. While, well above the mandatory 2 of them. Additionally, the enemy capital, when we used to refer to is economic not worth, was 62 billion dollars. More than 27 and a half billion from the previous year. While the improved have the ami fund, is welcome news to. Its all the number of, athletes survival its, is equally good news. The official ensured for mortgages, for almost 1 million households. 616 home buyers. They remain an important option for minority can you. So asked, your memories represent a 36 of all fha purchase mortgage borrowers compared to this 20 of the landing channels. Its housing, finance rope forms, plans, submitted to this president september. The recommendations to further reduce risk to be a mom i found. And to protect taxpayers. , and ensure at that shea maintains is focused on providing mortgage financing to load moderate income families, not serve by traditional underwriting. All the recommendation, hudson, for several, parties are particularly noteworthy, for todays hearing. One priority is the need to radically modernize fha their infrastructure. Our Single Family business clearly was 15 systems, many of them off antiquated mainframes, some of which are more than 40 years old and early 2019 they formed a highly qualified fha modernization project. He started by gathering business requirements, for every element of the loan process application. So, origination, servicing as he claims resisting. Working with Single Family staff and headquarters, in the, field they have an ultimate objective of digitizing the loans. That is very grateful. Congress appropriated initial 20 Million Dollars to modernize our Single Family technology systems. Earlier this year. , and both the, house and Senate Appropriations bill, for fiscal year 20 would provide unofficial 20 billion dollars. We have a ways to go. , and also, we need 80, to 90 Million Dollars in total funding. To complete the critical long overdue modernization projects. Beyond our financial, Health Improving fha operationals serve the customers is also critical priority. And this is an area, we made great strides. For example, we dedicated significant focus, to improving Single Family to fall processes. This is making it less burdensome to service average a loans. While ensuring we protect taxpayers and promote homeownership. Our disasters partial came, into the last, year to assist homeowners impacted by 2017 disasters will now be a standard mortgage relief problem. Impacted by major disasters. This allows many homeowners to resume payments without modifying their loan. Or readvertising alone term. For avoiding both foreclosure and payment increases. Also streamlines income documentation another requirements expediting relief. Will be forward we must focus on seeking the right. Balance between facilitating access to mortgage credit and better managing a risk. Our mission is to make certain faa remains a stable reliable resourced providing Housing Finance support first time home buyers. And another borrow sir that thats a route, and think the Concept Committee for your time, and now ready for your question thank you. I want to thank the commissioner, for your testimony today also, were in the middle of the vote on the house floor so this time, work on a go to recess, and we will immediately reconvene after, the facts folks get back over here, thank you for your patients with that. We saw with jarrett for votes, a standard recess. The committee will thank eyewitness very patients, we are now ready to proceed, under the five minute rule i will eat myself, to begin the question phase of the hearing. Over the last year,s a number of actions have been taken to reduce borrowers the interest, to from governmental entities to, park just a home, and then has indicated that the east shoe a proposed affecting government down payment system, in january. Secretary carson, testify before this committee in june that he was not, with the hood they will identify which Government Entity is providing this assistant, appears that they cannot determine which Government Program will be providing this payment assistance, or any loan, which is critical, before attempting the issue, new regulations of government, to help the payment system, will you commit to not moving forward with any move, other changes related to down payment assistance provided that governmental entity, is able to collect data on intergovernmental entities and to analyze this typically, on the performance and of age let loans and, down payment of each specific governmental kentucky, can you expand on that . Yes thank you mister chairman. As you know down payment system, has a long history as our commissioner last them certain times the payment assistance, cost of age a more than 60 billion dollars of losses according to. 16 or 60 . 16 and a half billion dollars of losses. Down payment assistance, how . Certainly, this type of down payment assistance its no longer permitted, so its technically caught a gaffe, as you can imagine. Wait wait, okay mister administrator down payment assistance normally used to help first time home buyers, or those who qualify in that matter, to help them get into a home, its not as significant and amount, but it closes the gap, you get cheaper loans, tell me what the problem is . I just want to make sure that any down payment assistance provided, is what our roots permit, whether jurors dish show, or finance, and we will commit to any effort to take that to leverage based on research and the facts, we just want to make sure that the va has done in the best interest of the borrowers, not the people who are providing it. Yes i agree, epa shoot, and you and i know it goes to close the Home Ownership gap and, there are other benefits, to the d p a, so i would just hope that we can read some kind of calm accommodation, the data will backup any decision made by the department. Let me ask you, what is the one, of the force the actions of the Trump Administration after he took office was to suspend the plan, by 25 basic points. Which is to say the average bar are, 500 dollars in the first year alone, the costs, allow premium reduction to be implemented in light of the fha has approved financial help, secretary carson stated that he would keep rates as low as we can, consistent with the law, and since then, secretary not only maintain the suspension on premium reduction he, has proposed to other ready to increase into, about what the statue will require. The secretary still stand by hes a regional statement he would keep premium as low as possible, inconsistent with the law. Thank you mister chairman, anyway we have a trillion dollar corporation, we have to carefully monitor our cash flows, we consistently look at premium structure, whether it is, it is hard to say one is too much, or too little, we are looking, we have the right structure in terms of how much is up front and how much is annual something, we consistently look at and, we will continue to do so in the four storm. All right i thank you for your response, i am now yielding my five minutes to my colleague. Thank you mister chairman i want to thank you for holding this hearing its very important there are a number of issues, i want to try to illuminate, and work on, commissioner thank you for being here, i appreciate your service and to the different administrations both democrats and republican you try, to meet the statutory Capital Requirement that is very important, its already not a lot of money but, thats the minimum requirement, i appreciate you getting it there, keeping it there, thats a great accomplishment, something i have been concerned about for a long time, i have a couple of things in my opening statement, i like to follow up on that if thats okay with. You one is that whether you would be willing to work with the chairman and i and stakeholders and the, to address the issue of ownership by race . Yes absolutely sir, actually convened a total working group several months ago to, look at the minority homeownership particularly in the states. The chairman mentioned the statistics that 32 grant, at least two disparity in wealth as well, so i want to again thank you for your willingness to work with that, we very much look forward to working with you on that topic, its a very important topic, because the American Dream needs to be accessible to all americans is, something i believe its, something you believe, you want to work and find a way to figure out what is driving the disparity, figure out how to address the disparity so, i really appreciate that common sense approach we, look forward to work with you on that. The second thing i mentioned was the fact that the one size fits all premiums, they dont give potential risks based discount for people who are of less risk, would you be willing to work with us, and all the stakeholders even folks in the private sectors given the governments history of ms. Pricing the risks at, think the private sector has a lot more, like Insurance Companies could help, in a partnership with you, as we try to figure this out, is that something you are willing to work with as maybe outside to, a private entities to work out something, to do that and, to have people people who deserve a little bit of break get a little bit of bright . Yes absolutely thank you very question as i mentioned that i want to make sure that, that we are working with the. I think they can be part of the solutions. They have a very elaborate system and data and, the one thing that we talked privately, is im so happy congress is giving you 20 Million Dollars down payment to operate your i. T. Structure so i thats a start. I really like to make you a little more modern than that, i know that we need to work to ensure you need you, get the resources you need to operate and, we both acknowledge that, we need to help invest in your technology but i think i, want to get technology, and partners from outside industry, that has the data and, the Computer Systems that it will, help you do this, theres no need for you to compete with an, when you can actually work with private industry to make it a win win for everybody is, that something you are open . To absolutely mr. Mueller, certain things are prohibited by the statues. The great thing about statue is we cant change. It absolutely were, certainly open to. That were very thankful for that to, technology upgrade, and something ive been trying to get through to the commissioner, the Previous Administration as well, so im very happy to, congress a piloted that to us a, good trajectory for us to be in a good place in technology. Okay, sometimes it gets much maligned, and you will talk about it in a minute because, what you guys have done, to make this partnership work, its not for everybody, its just its not for everybody doesnt mean its not for anybody. So i want to give you a second to talk about what you have done to help us make sure that they have the right guard rails to protect the and, also there are there for people who are cash flow short. To. Get the home . Eight help senior aide, seniors depending on their situation, obviously like a lot of things, a the housing collapse that, seems to be the top in, terms of volume and, the time the house prices came down and, the program was impact by that, the Previous Administration make some headway in dealing with this, and working with congress, in reverse mortgage and, we thankfully that, a house price appreciation other changes we may seem to be heading in a better place than last year. So that has been able to help with the senior agencies. Thank you i yield my place. Now from texas who south of the chair for the subcommittee of, oversight of a investigation,. Thank you mister chairman a good to see you again mister commissioner. I am concerned about the rule of expanding access to Home Ownership as well, its good to see the chairman, Ranking Member are working in this area one of things that we have been looking at, is additional quite a score, some call it alternative credit scoring have you any intelligence on this, any research thats been done, anything youre doing inhouse there might be of benefit . Congressman thank you for that when i was commissioner last time, and we Work Together with your office and, the Infinity Group in the real estate and we, are not quite sure which way to go with alternative trip lines, and alternative score models and, it struck me at the time, still today that the, if we want to apply the program, looking into that it will be an appropriate place to conduct a piloted Technology Moore moved substantially, theres more players in the industry and, you look at the statistics 25 to 35 million americans who have low, of Credit Scores and, i just want the data to back it up i think theres a way to, look responsibly and, in the best interest of the borrowers and, the in ways that, it might open the opportunity. Somewhere those who may not understand the charm, nontraditional credit, where you kind of get some explanation . Please there are several different models some local traditional credit, credit cards auto loans, things of that nature. And maybe score them differently than others. There is all there is look at cellphones bills, utility payments, rent payments. Things of that nature. , and factor that your payment history into that. And, there are some that do both. So again i dont have all the answers today. I just think a prudent approach would be to conduct a pilot and see where that would take us. Which is you know, put in 2000, eight for whatever reason, the, pilot was never deployed. And the authorization run out. I do, recall it was legislation, i sponsored. And you did work with me. As you know, we have tried to maintain the traditional model and only add Additional Information about the lights gas water phone cable. Not, i have to continue emphasize, we dont decide, we are going to eliminate traditional model. All that stays. Theyre about, some people benefit from having a rich payment history. And these other areas. And that helps them. Now i find it interesting to note, in yesterdays hearing, we had representatives for five agencies. Including the fed, fdic, actually, was three. , and they had a joint communicate, where they have indicated that this is Something Worthy of consideration. Looks like removing that direction. Just a, question how long will that take us to have a Pilot Program you are talking about. , and im working with my friends on the other side. To see if we can collaborate and come to some reasonable conclusion, as to how to move forward. What do you respond to the notion of maintaining the traditional model . And simply adding additional credit. This is why i say additional opposed to alternate. Because, it causes, so people to believe, we are going to forego edition no model. That is not what we are talking about. Your comments . Sure, i think there is a way to do it responsibly. , and the bar is best interest. , but remember, that will be a two way street. , so if you have a payment history, and also pay late, you will feel that as well. No difference if you pay your credit card bill later, make your automobile payment later. As well. So again i want to make sure, the committee understands that if we are to do, it we think we should look at it in ways that are in the best interest of consumer. And responsible. And, strikes, me that would be the appropriate vehicle. Thank. You , and you know i have talked before. My time is up new. Lets make an appointment, and mesh this out. Thank. You iowa back. Time has expired. The gentleman from missouri, is recognized for five minutes. Thank you commissioner welcoming. I want to start off, with the question regards the false claims act. Amara miranda, understanding was recently, announced between the department of justice on the use of false claims act. And, im curious, could you give me details on this . What you are hope it will accomplish . And, i, guess from the, standpoint how big a, burial has a false claims act been. , and what do you hope the nyu, how would it affect the mortgages and make them more accessible . Can you help us . Thank. You get when i was commissioner, we had a good balance, between the percentage of, lenders depositories, and done on. We are out of bounds. Now our 13 , comes from deposits. At least 2010, it was half. , and most of, them will say, they point to the false claim. Act as they got on the fha program. So, some of, them got on the va program. It is not my intent to take sides in that argument between independent and repositories. A lot of, reasons we need to find equilibrium. We need to take, this see it as an access to credit issue. Because a lot of families with making elation ships with large depository first time home buyers finding their deposit as an offer. It so its since 1930. Five to me it seems a little odd. Not to say we look the other way with fraud or below that all the, rules the contrary. We just, think somewhere between an indemnification, and equivalent of a drone strike, on the letter, that in this case they just got out of the program. This is something in between. And, the justice department, working on our staff. We found a good place. And brings a little more focus to the program. For fha and had a bigger voice. And saying, okay, this rises to the level of false claim act. And therefore we would recommend or concur with justice. Going forward. So, 13 , from depository institutions. And the, other 80, seven from independent. , yes credit. Unions depositories. Depositories,. Okay so, independent, would be quick and loans . That you are talking about . Yes. Cylinders like that. Some, private. On some publicly traded. Often, online lenders, offshore, all that kind of stuff. You have to be approved obviously. Criteria for. That amazing statistic. Kind of took me by surprise. So well. We were just, happy responsible, landing and seriously, and others. Brought aside on the topic. Thank, you i appreciate you are explaining that. Also, with regards to the risk in the portfolio. You know, obviously, things are going well. We are increasing capital account. But, we notice, that Credit Scores seems to be going backwards. There are earlier. Defaults and dipped income ratios are rising. Should we be concerned about that . What are you going to address that . Is it just the nature of the economy . What is going on . Because. Well try to boil it down. We conduct daily stress test on the portfolio. , and concerned about the number of loans that come in with risk areas. And which our combination of high that it and calm ratio, and low Credit Scores. And, loans that came in august 2016. Up until we made a change, with the total scorecard. We are modeled, about one point for capital ratio. Last loan, and not where we want to be. Congress requires, us to have him 2 . So we made some changes still scorecard knit wanting to fact, march seems happy having the intent. Effect weve leveled off into improved. Lets take a quick question. So, you normally have more risk. Direct accommodate, you need more capital. , or be able to be solid entity. And have enough reserves to ride it out i dont do you think they will take that to do. That , certainly its the strong economy. , again we just want to make sure we call it turning the dial we want access to, credit and we have ample reserves. Its a tricky, dance but we think we are managing. We will be watching. I appreciate it. I, understand its the gentleman from iowa. Recognized for five minutes. Thank you sharon, thank you commissioner, for being. Here we have been talking a, lot about increasing homeownership, and addressing the shortage of Affordable Housing across the country. So one of the issues i want to take a look at is manufactured housing. , because in many cases it can cost up to 30 less. And hang some cases, more we have to make sure its a way to provide affordable, housing and make sure it. Is i dont know if youre, where what is, current in iowa. What is over the last year or. So id love to give you a brief background. Unfortunately, company name, haven capital, a phone from. Utah has bought seven manufactured housing communities. , and proceeded to raise the law, transfer the residents, between, 20 and 70 . , so they came in, and, raise the, right for those families, on fixed incomes. I visit one of those communities. Windy midwest country as. States, and saw firsthand, the terrible position the folks are put in. And just yesterday, i spoke to one of those residents, matt chapman. Who is about to be paying 70 of his income for housing. We know, that the, standard definition, of severely cost burdened, is paying 50 of your income on rent. And here is a constituent, who owns his home right, has no, mortgage and has to pay 20 more than 50 we think is severely cost burden. He doesnt know what to what do. And, many of his neighbors dont know how it will. Happen is simply an affordable for so many residents like him and others. Many of these properties were purchased with federally supported. Loans so, we need to make sure our constituents are being taken advantage of because they cant relocate. And these are the kind of predatory practices, that are being able to continue. , so ive been working on finding solutions to happening again. , and i am trying to ask, you what recommendations do you have to put in place. Well, id be happy to follow up. We have more time, to discuss. Manufactured, housing 22 million americans, we regulate to manufacture housing. , and through the country. Between last time, and this, time the technology, construction standards, made leaps and bounds, so much wrong. We are having a hard time keeping up. We also have been looking at the financing. The aspect of a. Getting in the way its. Title i, doesnt have volume. Tends to be a travel. Owens versus, traditional, fha title to. We think its a way to get more affordable. , because you referenced earlier, in the opening, statement average income, of a manufactured home owner is between 30 and 50,000. So, its part of the things we are looking at. We have the cost of financing. Down we have less purview being honest and the structure of communities. And the regulation. With a manufacturing. Of the structure. I admire to see what information you have. At least through these seven problems or pot with any may loans. , and it is not as a federal governments not involved in it. And, we believe they overpaid as. Well im sure they. Did they could pursue death for themselves. And, then able to stay in the. Homes and, not just to afford, about, when we see these kinds of predatory actions they are asking children to give up the dogs because theyre too big for the homes. They are forcing family stuttered on swing says they dont think are goodlooking enough. But, these are not people, who can afford those 2000, 3000 dollar rainbow sets. Thats some other people can. , so any hope you can give us these people have put in a position they dont know what their answer will be. Many wont be able to before, this, and out of their, homes taking their children. Them and not being able to find on affordable option. , so i would appreciate your followup. On what we talked, about, things you might think we put in place. Absolutely, we will hear in your staff. We yielded back, on the gentleman from colorado, is recognized. Commissioner, welcome. The faa is recent report to congress, it, showed the fha financial health, is in the best shape its been, for financial crisis since. I appreciate your stewardship. People want to follow up, on spent potential areas that could it impact. That and i want to talk about the property, and clean. Under these, loans have been, used to trick some seniors. Another bundle citizens to take out high interest loans. It isnts collateral. And, in these cases, its actually squeezed these people to the point of foreclosure. Do you believe the use of these in conferences on these, loans pose a risk to the health of a imam inf. That the faa is the current policy. Thank thank you very question. What makes us overly concerned, is, we dont know how many. We dont allow it, on new fha. Loans havent, for several years. But, its, unknown if you are existing. There how many take outpace loans. We are not, we, think so and, that is fine. Our, concern is ass balanced prime. Hours they step in the national housing. On which i think is probably not a good thing. , so it is again, working with average a. , because they are equally, concerned how can we Work Together, to make sure that doesnt happen. There is a across the board agreement, as you, know to have the good sensible interviews. To benefit our people. But, national clarity, on pace, loans because, we do have some, states we had an ability to replay laws, and licensing rip arguments. We would National Guard be car use . We were, concerned primary loans, that is our world, we have to be out a first loss position. , so we are concerned about. It is something we work at fha. , and, certainly welcome the opportunity. We appreciate. That i think we all support all of the above energy policy. We dont want to people in a position, where they lose their. Homes another topic, due to the lower fha premiums, plus more expensive qualified mortgage definition, we are currently at 55 of the fha purchase loans. Exceeding did that to income ratio. Artificially high, fees such as charged by the ghg and other borrowers. Are driving it to secure more drug dancing. No other reason for the faa loan to be cheaper, at, least initially. A combination of these policies creates a level playing field. And gives the consumers ultimately fewer choices. What do you, agree that these inconsistent and arbitrary differences, driving, borrowers into markets . Well we certainly look at risk, including they use oversteering. It by, itself Credit Scores, by itself. Is not necessarily the prime decision to what if you. Will we look at, them in the aggregate. As, you know touching this, issue is that cleopatra. Which is they take away, january 2021. Which would essentially push a lot more those loans toward us. So, without going down the path, on a limited time, diaz, we looked very carefully. Knowing, by itself, it is not the end all in terms of credit risk. And, certainly accounts for something. Whether or not we need to put some sort of residual income tests in, like the veterans administration, again all, things we are looking. It, and a total access, to get it. Without portfolio. Thank you for. That and, i, guess finally what id like to know, is i come from a world part of. America focused in the Community Uses on urban america. What actions are they taking to help Rural Communities . Certainly in terms of loan limits, their manufacturing housing, is a viable opportunity. In multi family dnc, they concentrate in urban areas. In terms of developing multi family properties. Thank. You i yield back. Gentleman yields back. The gentleman from florida is recognized for five minutes. Thank you. Welcome to the community. I want to clear understanding, what is the average home owners loan. That approach ccf ajayi insurers, for a family, of two. I applying for alone. Look at the data, garbage borrow, made 60 through thousand new. You 193,000 dollar. Home and more, likely used on payments assistant. And, that averages 8000 dollars. Does that require the down, payment used to be 10 or last. For, us there in our present. We call, it the minimum investment. But, three and a half percent. Are those fixed loans . We do have an arm product most people do. Now, since in, areas and, from there have been a lot of disaster problem hurricanes. , and people, inability, to recover right away. What programs have you implemented . In order to help those homeowners. So, theyll be able to get back in on their feet. Oh the primary thing, averages, instance typically comes in. Later after fema. Whatever insurance, we have any number of products. As i mentioned, our opening, statement our product were used, in hurricane katrina. We, used in puerto rico, to standalone partial claim. Which allows us to immediately go in assess the whole bar situation. And take any arrears they have been pointed as a soft second. We know that mortgage. And, not change the term of the mortgage. We had some success using that. In new orleans, and, also puerto rico. We know that senator couple months. Ago going, forward using other disasters. We also have a product that if your home is completely destroyed. Fha product, of allows you to get 100 financing. If youre apartments been destroyed. As a result. My next question, with two individuals, can they who are not married apply for a loan and how would you handle it . , well they have to either be married, common, law you couldnt trust as roommates apply together. And, i think that is more of a bankrupt moment, than ours. Okay. Now, what faa housing, administration, expand johnny maze. And involvement. And Affordable Housing. The multi family risk program, i, think is a perfect model, that the federal government working together with developers and state fha. , and the Program Still exists. There was a another part, with the, bank thats no longer permitted. But, the ideal solution, would be virginia, may to secure ties those films that are done, using the fha riskier program. Which has a low falling right. How do you go about it . Calculating the debt to saving ratio, for those who apply. What we have from ten ratios, and backhand ratios. You, know looking at your bills. With and without your mortgage payment. Front, and is 30. One back, and is 43. With compensating factors, in those, 50, seven 58 . Okay. With, that i yield. The gentleman from tennessee, mr. Rose, is recognized. Thank you. Commissioner montgomery, thanks for being here. First, i would like, to come and do you, and secretary carson, soon and child health at the faa. I believe we should all be pleased, that the new cho capital ratio increased to 4. 4 last year. Which is about the statutory minimum. , and the highest, sits has been since 2000. Seven just yesterday, the tuesday, discussing the number of housing issues facing tennessee. They help ensure housing, and many of the rural, an underserved counties. With six district. Providing down payment assistance, is an important aspect of what they do. Hard has legitimately raised concerns about the performance of ajayi morgan says with a down payment assistance. But i believe down payment programs managed through state eventually does considerably better than in those managed by some others. I know in tennessee theyve been providing down Payment Systems responsibly for decades. Commissioner as we contemplate new rules, around these kinds, of distinctions, and in destroying to implement more sweeping approach. Thank you. I worked, and, i worked at the texas Housing Finance agency. We will probably largest at the time. We have met with state agencies, and, met with it on monday. As i told, them as we look at the writ, large the type of epa, provided by its state and, local asia, is not my worry. Now my concern. Its a similar, question i want to make, sure anything provided by their entities, works in our program. From a financial benefit, which is allowed. And, from a journalist a requirement. That is what we are carefully looking at. We all do this, just, to help ensure it is done with the best interest of the borrower. Not enriching someone providing the payment. Thank you. As i said before, manufactured housing, is incredibly important to my district. Had, manufactured, homes account for 13. 1 of occupied Housing Units in my district. Compared to 7. 1 . In the greater united states. Pods housing reform plan recognizes theres a need to update the guidelines. For the manufactured housing program. Spot, such changes, have also been pending for years. What do i go concerns about the changes and for you what will you do to implement the necessary changes soon as possible . Well one thing, i think is long overdue, we need to elevate the status of the office. Ed, wed like to work with you on, that to make a run by a deputy assistant, we want to separated. Out as i mentioned, when i toured a, plant i was commissioner last time. And, earlier this, year that Technology Upgrades have been tech tremendous. My hair was born in state of texas, when, at some, point the manufactured homes were more than second bercow. Ms. Which is hard to believe. But, there was a point in time that happened. I believe its a viable option. And i can help to families in Rural Communities. One thing continues to be the volume of humans, continues to decline. As you, mentioned title in program, loans are almost nonexistent. The vast majority of finance as chattel, fha financed only 526 travel home loans last year. Without access to financing many run able to obtain homeownership through manufactured housing. , commissioner where or updates to the of edge is financing programs for manufactured housing and hods overall priority . We include spending more time with a manufactured housing, on the foundation. So, its too early, to be direction. Which we are. Going, and we know the numbers are. Though we just want to make, sure any changes. Pick up the, pace and, new sets of standards regardings dares, garages, car, ports even second floors. And, i, think we are getting caught up. The company is moving quickly. We are just try to. Catchup thank, you and i yield. Okay. The gentleman from missouri, which is the, chair on the subcommittee, and recognized for five minutes. Commissioner, thank you. On tuesday evening, congresswoman choice in this committee, and congressman lacy clay, from, missouri shows this committee, had a midwest summit. , and we brought people, in here, for a dinner summit meeting. From the midwest. Apartment. Last lower midwest. And we talked with them, about, the number of issues. Then we listen to what they thought. And didnt surprise us. That Affordable Housing, lack thereof, is in a crisis. And, doesnt need imagination. To, see that is the fact. That is the. Truth so, in terms of all the things we need to be doing, correct that problem, i am a little concerned, about how to Reform Program. You know. Even if you work she as is. If you turnovers deuce the footprint. That the crisis, would become even more critical. I mean, my belief, is that this is a time to be more creative. We need to become more of a agency, that is only concerned about giving, money and buying. Homes that is not what im saying. And we dont want you to be spendthrift. But it would feel more comfortable, what im saying, what is. Well if we had, programs locate reform, that are trimmed. , but also, sufficient enough, to make a difference. Right now, we are going the opposite direction. , and it is difficult, to get developers to do something. If youre doing Affordable Housing in the open, court you have to have some kind of subsidy. Municipal subsidy, owe income tax credit, and, it just wont work. The numbers dont work. So, can you assure, me that is we are not going to start limiting programs. We wont cpg be. And, in order to get help developers, get started. If only, with infrastructure. , so can you fill me in on the Reform Program . What will ultimately happen. Thank you congressman. In terms of multi family, housing to eliminates the rat program which you know it is helping renovate, hundreds of thousands of units around the country. We do know launched a program to use for new construction for fha. With tax credits. We also are now permitting the wrath program to be used with the two or two program. This develops and last. Year on the Single Family, side it is not a lot we can, do to help build supply. Although, through this affordability, council there was stood up a few months ago. We want to help pull back the curtain on the local decisionmaking. Whether the, zoning or set asides. Its driving up the cost of housing. Theyre building very little housing. , and the cost of manufactured mortgage, is gone. Almost. Twice rumors ten years ago. So, theres a lot out there who do exist concern. But many are born or decisions made at state or local level. We have lost control over. Well, we agree. I have towns in my district. Higgins ville, marshall, sweet, springs or rick, matthew, when i have and have a new house built a decades. And then you. Talk there used to be a, program didnt come out of europe shop. But out of urban development. Grounds those programs allow for municipalities to help oval delaware got started. , and i think, you had side, its going to have to become more active. , and, maybe you request, for it, becomes more, active with result in more Affordable Housing. I appreciate. Jim wish we had more. I, would add the opportunities, we are now seeing, expanded housing. I take my opening statement. To help create more supply and investment. Okay. We recognize you five. Minutes thank, you montgomery. We have Ranking Member stars,s official loans, are hollowness for long island families to help build their own version of the American Dream. And, most importantly, help them stay on long island. Oftentimes these loans are made to first time home buyers. The constituency making the monthly mortgage payments, but also, has the most, difficulty having of capital for a large down payment. These are middle class people with good jobs and Credit Scores. But maybe they are not liquid enough to put up a down payment in the region. That some of the highest real estate values the nation. Over the past, years weve seen traditional lenders like thankfully the fha mortgage a oversells informant. By the Previous Administration. This law was intended to prevent fraud. With the immaterial mistakes like a misplaced camera. I, along with my friend, to bring are fixed, to the fullest liability. In may, i had a Great Congress asian with and on this issue. Since then, we entered how to value false claims cases. Commissioner montgomery, with hide a recent announcement regarding an mou with the use of belfast claims act, do you expect an increase in affordable if itchy loans . I would think as a larger traditional depositories in the program, i would, think its good for consumers. Especially for relationships. Without depository institution. I think, some are, concerned about the durability of our mou. And with our certifications. Which we updated as well. Meeting what happened with the next administration. What weve, done with the mou, and our revised stuff occasions, we are addressing that issue. The hot voice, our mortgage review board. Which has been around, by, statue for 20, 30 years or so. To help them win justice or when we believe, particular circumstances rising time of all false claims act. That we make the determination together. Not in a letter. Which, i understand, might have been having a previously. I think you are bringing interesting important points. To that, point other legislative reforms needed to compliment this administration of the accident . Again, i want to make, sure im bergeron a bright line. We are not going south on people who i filing the roads. Its the civil penalties, jobs of the largest, banks. Out away from a program. Its been around, since the great depression. In the interest of add credits to. Fairness again, im not trying to take sides between the depositories independence. I just think its better for consumers certainly better for us to have depositories backed offering our program. And, to their, credit some have signaled it will need to get back in. Which disappointment. But, we are not going to give up. The important part of modern fha, is the fha, Information Technology fund. Can you elaborate, on how vital funding the faa is. When i was commissioned the last time if we are very, ecstatic with a down payment 20 million together. We are going to completely change the way we conduct business now. Which, is hard coated mainframes, heavy reliance on paper. Moving that is architecture, moving away from paper. Fully electronic, single point of entry. And, on, par with fanny and tragedy. What theyve done. In, fact theyve been helpful, as has fha, in this effort. And, we think, we have economies of scale. Not just the ease of it, and the streamline, being able to better mind analytics. , so we are ecstatic, to get the, funding and we remain optimistic. Ultimately, get everything we need. You have certainly didnt get vacating for a modernization since you were first commissioner under george bush. , and its important, you are continuing that effort. Thanks commission. About that housing, market taxpayers, in good hands. With someone of your expertise. And knowledge at the helm. I yield. I think. You that gentlemen from tennessee, mr. You are recognized. Refinements thank. You thank you commissioner, for testifying. We know that had over least the annual event, on the insurance. Fund, and in the section, detailing the emerging were stuck between a mom i found, the report does note the projected lifetime claim write, for recent originations, or at the highest levels in ten years. Going back to ten to 2000. Nine it, also highlights that this is due in part to early payment default rates. Increasing the average income ratio, increased, for the six straight year. Commissioner, if you could, what are some of the other, drivers you would think, behind the increase and higher risk care domestics, in recent originations. , oh we are recalling, the qualifying mortgage. With the maximum, gdp 43 . For, reasons im, sure we all work. All the gse, and, us given basically what they called a patch to go above that. I just want to point, make, sure its. Clearly the, gi heidi, tia not of, itself is not a key predictor of how alone will perform. It is tanzania, question one is combined with other highrisk characteristics, including low Credit Scores, that risk is whats given us a pause. And, what allowed us to make some changes. Which are totally scorecard early. This year, but seemed to be, working. Seem to slow down the drop. Democrats scores. Three years. Going up the first time in the. While youre going up a point . They were slow declines. Or sort of study state. For almost three years. And the changes weve been place, appeared, at least for the last two months. To stop. That i heard what you said. About the d tee i ratios. That, combined with early, defaults Credit Scores are now. Show those three factors, concern congress . Well they concerned us. Which is why we made a total scorecard in february. To manually refer those loans. That helps those risky characteristics. It is essentially means, the lender now, looking up much deeper into financing before they improve. Alone a different line, how large a, role to cash out refinancings play, in effigy endorsement pro foils. We are not anti cash. Out we have just concerns, we were becoming the governments atm. When a lot of borrowers are looking to refinance. Mandatory, finance, because the terms are better. So, after pulling over the. Data over several, months we made the change. Just to accept the policy. That the gst is currently using. Which is 80 . Race is 85. Very. Good can you give your opinion how fha can do a better balance between depository numbered depository lenders . I think getting back to the previous question, the, durability longevity to. This process. With the justice department, which, again, using our existence mortgaging review board provides inelegant way to provide the durability, making sure its there to last. , and it is the new administration, coming, in i will use, ten to not have it all of a shelf life. What we built, into the certification, which i dont want to get to granular. We think it helps provide rigor. A more rigorous durability, to accomplish. , again not to let people walk. When they run afoul of the. Rules, thought to make, sure the penalty fits the transgression. All, right we appreciate your service. I yield back the balance of my time. Thank. You okay, thank you. The gentleman from california, you are recognized for five minutes. Thank. You will want to focus these are pace sense, of every part of it. There is an increase in your property tax bill. They are, used to help finance energy off grades as of january 17, fha no longer ensures residential mortgages. But it pays, loans attached to the property, in a force, position that makes sense. Here in the business of being the first mortgage. And, only with great creativity do we have a system where first, it can mean second. Because, the, pace is. First, ended the, first is second. I have a discussion drop time circulating. To, say for a pay. Seven to be adopted. It needs the consent of the underlying mortgage holder. It seems only, fair if you bargained for a first position. That you gets to keep that first position. You know, what should be done to protect the mortgage, or homeowner . Well, thanks for bringing that up. Not much i can do. How they are able to get the solar equipment. I know, the see if, he is in the, process of writing a role. I would do a. Lot absolutely. As you write, we permitted that, it is the millions of existing, ones that we are concerned. , and if you have, language on a, bill we will be happy to happy in that respect. So, a new, mortgage cant only be issued, they are underwritten, if there is already a base loan. But, you actually have, language that is ready to have a new based, on there. For a new fha mortgage. From new one, today six months from, now they cannot do a base loan without the approval of mortgage. While, there is some seizing requirement. I cant remember exactly. But, our, concern again, is on existing edgy loans. That take up a. Stones we are unaware of. , and something, happens we found ourselves known on that first position. You cant be mortgages, others in the, business stop charging of premium, when youve had that 78 level. That is my understanding. Do you still charge even if the homeowner has a lot of equity in the house. And you dont need mortgage instances. Planning to change that . Well, i appreciate your question. I dont know, if its, around air continues 100 percent coverage. It lets you quit premiums. Which would be the, case if that happened. Avichai loans, also, fully a suitable. We feature. 70 five. Sold i have aj mortgage, 100 percent. Already, had not paid. What do you develop a system, to reduce the amount of homeowner has to pay. On the homeowner. When they have a lot of equity in the property. That is the right question. And, so, we have been lucky, to have that, as a reference or, sort of premiums right large. These are based on number of long the faa mortgages. Its a, way to find more balance. I would maintain, even though the edgy of sea bass private mortgages certain, scars, away there is edgy fee in place. For the life alone. We are talking, a much longer light. When you have equity. We want to move on, services, frequently place. Loans and forbearance. Providing time, for the consumers, to assess damages and recover. If the forbearance exceeds beyond 60, days alone, is under reported. As being in default. , and is reported, all against the, lender on the neighborhood. Why, should regardless, if its in its last. Our approach, of a small, lenders even a handful, of mortgages. Can lead to a significant impact. How can they make sure they are not penalized for appropriate for, parents in a disaster. Thank, you weve been careful, to strike that. Balance between an industry loss mitigation program. Working there on the housing crisis. A translator, that over into disasters. Its something we are looking long and hard at. Especially as it relates to disasters. Which is why we made a recent announcement. Perhaps you could expand on the, answer in the record, thank you. The appetite. Thank you. Okay, thank, you the, gentleman from wisconsin, do you wear recognized for five minutes. Thank, you chairman. Commissioner, i want to, start commend you for leading f age a mutual mortgage Insurance Fund. To its best position. In recent years. After changer, and different from private mortgage or assurance. That remains for the avalon. Where, is prisoners, falls, off as they reach a certain amount of equity. 70 . You, agree the ongoing nature of the, risk of default demands lifelong premiums for fha products . I, believe if we maintain 100 percent coverage, then, we have to keep taking premiums. Is a reduction of, lifelong, covers the same . If i understand your question, where the private mortgage insurance, its 8 . But there is a feat, included in. That that is last talked about. So, there is still coverage. , but its something else. Don through a tea fee. So, as i, understand you have it, supposed to help people obtain mortgages, sustainable home mortgages. By telling a cap. In the market. For mortgage insurance. As you know, several private insurance competing in the marketplace. Which, weve been discussing. We can see how the premium pricing, currently compares, to private mortgage insurance. And now the competition is playing out in your eyes . Sure. Thank. You there is two different kinds of congress. Of payoff. Our stays in place for life alone. If youre paying the. Premiums whereas, partial coverage, versus, ours is 100 percent. But, i have cautioned, that more good times or, bad its private capital. And, private mortgage insurance, outdoing. I think we both performed necessary functions in the marketplace. At, least we want to, see if we are not, there to compete with them. But, that said, we want to make, sure borrowers are ready, to be borrowers, with the circumstances efforts are progenitor. Thank. You how do you respond call is change policies, in such, a way that would increase the risk in the south of their portfolio . Well, you have a specific example . Or do you . Broadly speaking. Thats part of my comments earlier. 1. 4 trillion corporation. With a social mission. And, requirements set, forth from congress. I thats, and we want to make, sure we can help borrowers leave the program. , so this is something we look at, every day. What is a delicate balance . With the risk defined many different way. Hes been doing the right premeet structure, america dynamics. Not all i can do. Theyre making sure, we are, there when we need. It i will say. This and, technology, helps us get so much better place. In terms of looking at. That faster than we can today. Thank. You appreciate you, really the balance of nature. Okay, thank. You with that gentlemen from texas, is, recognized for five minutes. Thank. You i yield my time, to mistrust iran ohio. I think the gentleman for yielding. And, commissioner, again, thank you for being here. And, i dont think you have a lot of questions about Housing Finance reform. Did i miss questions . There was maybe one. I have to just tell, you i was, pleased that they had finance reform proposals. They focus their attention, on how f aj would continue the mission. If you talk about effigy, continuing to effectively serve credit for the first time low income home buyers. Is that correct . Yes, thats. Right , so thats one of the recommendations in the report. Including restructuring fha as an Autonomous Government Corporation within hug. If you can expand, on this restructuring, how it would allow. Fha to address our personal, technology, quadrupling appears, to continue that in the mission. , so sank you very much for the, question to be, clear fha would still be part of it, and report to the white secretary. But more autonomy. With the corporation, Something Like what jeanne may has. We, think the ability have. That war without you . To help us understand. , yes i, think having a little more flexibility, so the procurement, and, hiring we are the largest mortgage insurance, entity ever. , and we are looking at critical pay event to some of our staff more as well so be on procurement. Appears to know. We just, think having a lot more flexibility, would be very helpful. One area i would want, is making sure we find ourselves not in a predicament we had, today in terms of technology. Obviously, the, recedes would still be controlled by this body. Helping ensure, we have consistent, level of funding. That would help ensure, we dont have a similar problem, we are covering. Of, course desperately trying to fix. I think, thank, you i think that would be a helpful way to give more authority and autonomy to do some things including keeping your technology modern. , which weve talked about the 20 Million Dollar down payment for that problem. , and i want to give you a chance to respond to that i dont know if youve had a chance to review Maxine Waters principles for Housing Finance reform. Have you seen them . Ive seen parts. I will wait a few of them. Out just so were on the same street. One of our principles is maintained the 30 year fixed income mortgage. Im. Sorry 30 year fixed Rate Mortgage option. Its not something you . Support maintaining it, in the, market. Absolutely yes. A second, one ensuring theirs capital to protect taxpayers. As i . Idea. Yes another, one another one is providing liquidity to withstand a future financial crash. That something works everyday. Great. Another, one maintaining, access for all qualified followers. Is that something you agree . With absolutely want to make sure the bar is already . I asked chairman, and secretary mnuchin, and carson, they agreed with the principles. The point, of bringing this up is even though we havent made any progress on Housing Finance reform since the financial crisis, which was 11 years, ago there is a lot, we all agree, on. Chairwoman, waters, you eye, the three pencil side talked, about i agree on the principles. Its time to roll up our, sleeves and pursue vice partisan Housing Finance reforms. , and i would like to work with you on. That thats a third thing i brought. Up i want to work with you on. I hope we can Work Together. It is not something you do . Absolutely. Never eminence publicly. But ill, say thats one of the, reasons why i came back. Great, glad you are here. Thank you for everything youve done. Im looking forward to working with you on many things. Including trying to do some housing reform. I yield back. Thank. You and i thank the gentleman from ohio. I look forward to working with. You in the. Administrator ohio. We get to a place, where we are sharing in the American Dream. As homeownership. , a i recognize the gentleman. From arkansas. I think the. Chairman and the Ranking Member for allowing an interloper. Thank you for it that. Mr. Montgomery thank you for coming back, to fha, for doing a terrific job representing the taxpayers. I have been a lot of talk today, about the fund, and, its health. Being well in excess of 2 . , now over 4 . So, congratulations. Philosophically, i hope you let it continue great to grow. I remember, vividly early 2000s, bush administrations, when the ftc began to rebate and no longer to seek deposit insurance premiums. Saying, congress, had kept it. , and we, know how that ended. , and we were all asked to pay three years of deposit insurance premiums in 2008. In one quarter. Because, of that imprudent decision. Alleging the statue, only required buying. So, i like seeing a bigger. Number now, i want to, start, asking walk how do you stress test that capital inadequacy . , sure we have a contractor, actuarial contractor, actually two of them. That we have an independent action. , where we accept our workers. Well, and we have a risk, team worked with them. Stressed us. Falling, howling pursuing price, or no appreciation. Extreme economics situations. I discount rate. Now counting future crash flows. Which normal people dont do. Of course it does. We put it through dozens of stress tests. Good. Those are all available on our annual one. I look forward to studying more detail. I just was interested in that. Is it on annually by the contractor . It is. And, is ongoing. As we, know this economy changes. , and we always try to stay ahead of. That there is a lot of data out there that helps. A lot of conversation, today, about iran bank are originators. Now, shockingly according to chairman the quagmire up in the over 80 of your originations, now you talked a lot about false. Claims and explain that in detail. Im interested, in the different point of view. With the quality, of the underwriting. Between a depository that initiates alone, versus, a non depository. Is there a big difference . On the underwriting . I would speak for our criteria. It stays the same. I dont want to speak for depositories. And, i think they, strive to follow our guidelines. Stay within the balance, that we require. When you look at your underwriting. That you have on the. Board use talked about today. But, as you, said increase in the reduction in credit. Scores, and lets go to the next one. Increase, debt to income ratio, is pretty substantially. , and i, wonder if, aj is looked at. Residual income tests. Like the va has. Is that something you are actively considering . What is something, we are looking. And its very helpful, for the veterans administration. , especially it, varies based on region and. Country, something we are looking. And as well, as one of the gta by itself. And, it is not the true indicator. , but when coupled with other factors. When you see, him all going on. It calls, me some concerns. I was glad to see your capital, where it was. , and i know youve taken changes. Only recently, in 19. , but when i saw the major indicators, of underwriting. I feel like youve credit that today. Yes, we have a fantastic risk. Team we now brought our retiree over freeze. I want one final point. , and that is, the issue of distress asset stabilization. Selling the assets, to boost the deposits. The mri, here. Well, it depends, where they are sold in the process. If you taken, it and you are selling it. Its a net contribution. If he goes to the already. All no, sales, yes. But, not, sales are. Different you wouldnt want anything to distress sales to build capital. Well, i think, one thing the Previous Administration did and we continue as funding another alternative to our. Because, the carrying costs are borne by office. The time you sit there, is also borne by. As they have can tractors you out to play. , so the ability, to convey without a title. Im, interested out followup. Thank you for your indulgence. Thank you. Chairman b is back. I want to thank your testimony today. We appreciate you, sharing with this committee, your thoughts on the future where we go. And before i close out let me do some house to. Being all members have lost five days to submit additional returned to questions, front, and. Witness to the chair. To the, witness for their response. I ask our witness, to respond. As, you are able. , and without, objection all members, will have, five legislative, days to submit extraneous material. Is into the chair. With the inclusion, in the record. I will take a point, of personal privilege. To say congratulations to mr. Goodman of texas. And to you and your wife on the addition of a new daughter. Congrats to you. I yield. Thank, you i appreciate. It and look forward to bringing you here someday soon. To me to all. Thank you. This hearing is adjourned. Thank you very much. Thank. You well done. Fcc chair ajit pai join fellow commissioners for an open hearing on capitol hill. Topics included wireless development, broadband access, spectrum allocation and Communications Options for