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35 of hyperactivity, where the values of homes had gone up dramatically, and the values of those properties were probably a little over inflated. We were coming off of a prolonged period of growth that saw the values of these homes go way up, and way up relative to the previous peak. And when that happens, you are due for a market correction. We had a major recession and a major asset evaluation, which happened almost instantly. So even before the recession had kicked into gear, these property values had gone up and started to de-value, which kind of snowballed and led us into the recession. Probably people that shouldn't have been buying homes were buying homes. People that shouldn't have been investing in properties were investing in properties. When we look at today's environment, we have, instead of a glut of available properties and excess housing, we have a shortage of housing. at shortage of housing and the scarcity in the marketplace really is driving the values of the properties that we don't see going down across the board. Clearly there are pockets that were affected by the various changes in income tax, deductibility of state taxes, and such, but by and large the values of properties have stayed very stable. e anticipation from my chair is that they're going to go up in value. And that's quite different from what happened in housing during the Great Recession. So when the underlying asset is stable, and the scarcity of that asset and the demand for that asset is still great, that bodes well for the value of the key asset and the entire food chain, whether it's lending or building or real estate sales. e underlying value of the home is really strong, and that's the number one difference. We've had great credit. We're coming off of one of the greatest credit qualities in the history of our country. Loans have performed better than they've ever performed before for an extended period of time. We experienced new lows and delinquency until we got to this point. So all of these things are happening after an incredibly strong run and credit environment. e reality is, I think that the value of these properties are not only going to hold, but they're going to grow. And that's how housing is going to lead us out of this recession. at's how, when people get back to work, and they have their income supported, and they resolve whatever hiccups they may have faced as a result of this horrible, horrible tragedy, then you pile on top of the pandemic the social unrest, which I just want to touch on for a second. Clearly I empathize with all those folks and their feelings and their frustrations, but when you pile that on top of this pandemic and the reality of what's happening in our society, it's important that we have good solutions. And one is to make sure that the entire population is heard, and all their issues are felt and shared, and that when we solve these problems, we solve these problems for everybody. So that's why things like government lending and equal opportunity housing and building strong communities is really important. And that's what's going to happen this time. And that's really different from what happened last time. Instead of going around and having a lot of foreclosed, boarded up homes, where the properties and the community suffered, and I don't think were able to recover, and I think that leads to all kinds of problems, drugs, and crime, and all that stuff. I think we're going to have stronger communities. I think we're going to have stronger property values. I think we're going to have more home ownership, and this is going to be great. And if we can have a society where everybody treats everybody like they want to be treated themselves, and everybody's treated as a person, rather than as this or as that, or another thing, I think we have a chance to be special and do special things. I'm really excited and optimistic for our society, for the economy, and for the future of everybody that lives here in this country, because I think the opportunities are there and how we choose to take advantage of them will dictate the outcome. But my hope is, and my prayers are, that we live in a fairer and a more congenial manner, where everybody's feelings and lives are treated evenly and fairly, and that there is no distinction between any people, that everybody gets treated as a person, rather than as this kind of person, or that kind of person. And that's what my hope would be. e good news is, is in housing, we do that. And I'm really proud of being able to be one of the top government lenders that really admires and drives diversity as part of what we do on a daily basis. Supporting the VA and the FHA, providing the people that are a little underserved and that require special service, and that demand special respect, is one of the keys to our culture and to the way we see the world, and I'm looking forward to doing even more of that. I'm really excited about the prospects in the coming year. "When the underlying asset is stable, and the scarcity of that asset and the demand for that asset is still great, that bodes well for the value of the key asset and the entire food chain."

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