"This is the worst housing market I have ever seen," Mozilo said in written testimony for the House Oversight and Government Reform Committee, chaired by Rep. Henry Waxman. Mozilo urged raising loan limits for government-chartered housing finance giants Fannie Mae and Freddie Mac, as well as other steps Congress could take, such as reforming the Federal Housing Administration, giving first-time homebuyers a tax cedit and expanding tax-exempt mortgage revenue bonds for home buying and refinancing. "I also want to strongly suggest that traditional guidelines be reexamined relative to the appraised value of a home versus the outstanding mortgage so that current borrowers can refinance at lower interest rates," he said. Mozilo is one of three companies implicated in the mortgage crisis that have been asked to explain how they collectively received hundreds of millions of dollars in compensation while their companies were losing money.