and this clearly destabilizes families, destabilizes neighborhoods, and hurts the city as a whole. the banks sold my community predatory loans and now they have no solution. so the city is stepping in. we're taking these troubled loans off the hands of the banks. and we're paying them fair market value for them. and then we're working with the homeowners to help them refinance and to refinance at the current -- in line with current home values. >> so we're clear about what fair market value means, current value, which means the loss, the haircut, is taken by the bank? >> it's a fair market value as the industry indicates what fair market value is. it's something that, you know, under water means that the current value of the home is way under what the original mortgage was. and we're doing this. we're doing this in partnership with others. we have a private firm, mortgage
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