Phipps: I just spent two days testifying on Capitol Hill about some very important issues. First, regulators are proposing a narrow definition of “qualified residential mortgage” that would make 20% the minimum down payment. You and I know that most buyers need to put less down, so we want to make sure that is not the constraint. Second, as we work on successors to Fannie and Freddie, we must protect 30-year fixed-rate mortgages; they are the lifeblood of our industry. We’re working to make sure Congress gets it right.