We find ourselves in the 90s in a whole new world. The decline of Nuclear Weapons. We have an arms control treaty, start one at the very beginning of the decade. We have International Structure which is no longer why polar. It could be called unipolar. We have globalization is the recent pieces to it but it appears to be part of a fundamental new world order. I love that phrase. It has the imagery of military force that still there but not Nuclear Weapons. Economic measures of power were going to be so much more important. There was a prediction of the decline of the nationstate in the concept of National Sovereignty where International Commerce information, technology would replace this. The book that captures of course was friedmans lexus, and all of tree, eventually the world was flat. A piece in Foreign Affairs that was her influential also predicted this new world we were moving into. Military power was still relevant of course because the decade began with the war to throw the ir
Let me just add one clarifying d before we take the first volunteer on these questions. And, again, framing the discussion today, as youre aware, weve got an active secretary, assistant secretary. Weve got a former comptroller, and we have other people who are brainstorming. And so youre hearing different ideas in different veins, and i just want to underscore that point. I think that was something that alice was driving at earlier, and ill make start with her if you wish to begin with either of those questions. Well, let me certainly, one of the problems is theres political opposition to anything that looks like a benefit reduction to anyone, and that applies to military, to military retirees, to Medicare Beneficiaries, and its one of the reasons i think for looking at these changes across the whole system at the same time. And its certainly possible that medicare, which is at the moment having some success in holding down costs as is the military Health System can survive over the lo
Adjusted are complicated. So what were trying to do now is get through an analysis of not only fico 8 and 9 but an alternative scoring credit scoring model and try to come up with a system that is a better system and then adjust the operational things that it would take to let me cut you off there. I only have a little bit of time. I encourage you to put pedal to the medal in that regard. We have pedal to the medal. We are at it. I guarantee you. Im not quite persuaded of that, but thank you for pursuing it because a lot of people would be more fairly treated with an appropriate credit model. I wanted to turn to first place insurance. Theres been reports from npr and ap recently but these issues go back a long ways. Its something ive been pointing out a long way. The kick backs that go to mortgage insurance often drive people into foreclosure and of course that has an impact on your agency. I understand that in june you all did issue a requirement that these kickbacks ind, whether they
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If we know were getting good loans and weve done our Due Diligence at the front end, then we can weve got more control over that process. But i can assure you that when theres fraud or misrepresentation in the process, we will retain the ability to put back loans throughout the life of the loan. I hope that means youre vigilant that the tendency here could be that this gives banks the benefit of the doubt that homeowners dont get, but i know your values and i know what youre doing in that job and i know youll be vigilant about that. Speaking of potential fraudulent activity that you mentioned a second ago. The New York Times highlighted fanny and freddies use of debt collectors to pursue families who lose their homes to foreclosure for any debt that wasnt covered by the value of their home as it was under water. Homeowners just starting to get back on their feet for a year or two years or even longer can find themselves with tens of thousands of dollars of new debt, depending on their