The TSP’s loan program came in for special criticism at the hearing, especially regarding the TSP’s decision to require all those with loans pending when the new system was activated June 16 to reapply. TSP officials said that policy was necessary because the old forms don’t contain all the information required under the new system. But Rep. Jo Ann Davis, R-Va., head of the House civil service subcommittee and who has a background in real estate, said that in the real estate world, such an explanation “wouldn’t hold water. I know it’s the accurate response but it’s pretty weak.” TSP officials also admitted that those who reapplied for loans were not given priority-even though they had applied earlier and presumably had a more immediate need for the money-over those who applied after the switchover, and that they got caught in the backlog of loan applications that built up after the changeover. Officials further admitted they were slow in addressing the backlog of paperwork that built up after investors who were unable to perform loans and other transactions online turned to paper.