But the fundamental issues remain the same. Mr. Cuomo, I am a reporter from China Daily, the only national English newspaper, and I have a question for you. Just now you said there are certain lessons which the United States has experience in, and that the United States wants to share these lessons with China. You know the securitization of mortgages may be of concern to many people, so I think it's very important that China share the lessons from the United States. It will certainly benefit many common people.
Housing has many different purposes that it serves in our society.
At the human level it provides shelter to survive, comfort and stability. On a different level, it is also a significant economic engine for the United States. So there's also a tremendous economic impact that housing can provide if it's done correctly. It is essentially selling securities, which are backed by mortgages from homes within the country. This has brought much new capital into the housing system and has created more housing, more home ownership, and thus stimulated the economy creating more jobs, more wealth.