Thank you.
The reason I flagged this issue initially was what I tried to outline in my first remarks: the stakes of the marketplace. I believe that the marketplace has developed in a certain fashion, in that the stakes of mortgage insurance are a lot higher than many of us think.
Competition is good. I have nothing against competition. I think every witness we heard basically mouthed those words. What I'm concerned about are the unintended consequences of competition, and there may be consequences that are not immediately apparent from the witnesses we had. I am concerned that people with poor credit risk will have less credit extended to them by way of insurance. I am concerned about the American experience, in which $750 million in premiums were paid by homeowners that went into the pockets of insurers without resulting in lower insurance premiums for buyers. I'm concerned that the benefit to homebuyers has been overstated. I don't know the answer to those questions because—and I agree with you, Judy—I don't believe we've had all sides of the question presented to us.
I've also heard from a number of people I respect at the table who say they view the situation as being important and in need of some kind of regulation and oversight in going forward. I agree with that.
I agree with my colleague, Mr. Dykstra. I believe that if we're able to have some assurance—a problem that perhaps your secretary can help us with as well—that we can come back and have a look at how this marketplace is performing down the road, then I'm prepared to support it.
But I am concerned about unintended consequences. I want to get it on the record to make sure that if we're making this kind of change—to an environment I truly believe is more important than we give credit—that we have a mechanism that allows us to come back and ask if it's working.