Loan Modification

The Federal Housing Finance Agency?s Supervision Summit allowed me to tape my presentation. I did not tape the introduction or subsequent remarks, since I did not want to inadvertently tape someone else without their consent. The tape starts a couple of minutes into my presentation, because I forgot to turn on the tape recorder when I began speaking.

There are a couple of obvious misspeaks, such as when an institution loses a lot of money, and when fraud has occurred, it?s due to control fraud, so losing money is not an indication of innocence. At times it?s an indication of control fraud. When I said risk managers had the authority without the responsibility, I obviously meant to say they had the responsibility without the authority.