 Calabria has also testified before Congress.In testimony before the House Committee on Financial Services in September 2009, he said that "the current foreclosure relief efforts have largely been unsuccessful because they have misidentified the underlying causes of mortgage default.It is not exploding ARMs or predatory lending that drives the current wave of foreclosures, but negative equity driven by house prices declines coupled with adverse income shocks that are the main driver of defaults on primary residences."