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FINAL THOUGHTS "The beauty of this arrangement is that not a single tax dollar goes into it." SEN. JEFF MERKLEY (D-OREGON), in a YouTube video in which he presented a proposal that would give lower interest rates to underwater borrowers choosing to refinance their mortgages. Final Thoughts As the 2012 presidential election nears, the industry is speaking out on housing finance issues, as the perspective of borrowers—and voters—takes center stage. "However, despite signs of deteriorating momentum for economic activity, housing continues to be a bright spot as news from the housing market has been relatively upbeat, presenting a rare upside boost to the economy." DOUG DUNCAN, chief economist for Fannie Mae, on the organization's latest economic projections. "Consumers deserve to be treated fairly and to have someone stand on their side when they are not." RICHARD CORDRAY, director of the Consumer Financial Protection Bureau, on why the organization is a necessity in the current mortgage finance system. "Bipartisan support among voters should be no surprise: Who hasn't been hurt by the economic downturn? People get that commonsense oversight could have prevented it." GARY KALMAN, director of the Center for Responsible Lending, in a response regarding voters' opinions on housing finance reform. "Last year, the share of searches from Greece, Spain, and Italy increased, bucking the international trend. Now, however, the foreign search share is declining even from those eurozone crisis countries." JED KOLKO, chief economist for Trulia, commenting on trends among foreign homebuyers. "Everyone knows a job is the best foreclosure mitigation plan . . . . Instead of more failed government programs, the president should work with us on bipartisan solutions that help create jobs and heal the housing market." REP. SPENCER BACHUS (R-ALABAMA), stating his position on improving the state of housing finance in the U.S. "I do not believe it is the best decision for the country." TIMOTHY GEITHNER, secretary of the U.S. Treasury, in a letter criticizing Edward Demarco's move against principal reduction initiatives for the government-sponsored enterprises. 80 | THE M REPORT