And we're going to do it by-- bank by bank.

Before you go further, I'll just say, that was one of the motives behind the bankruptcy change.

To my regret, the Senate did not provide homeowners with a meaningful chance to save their homes through the bankruptcy process.

I think the financial stability act that we have on the floor now, the Wall Street Reform Act, really is a step forward.

Foreclosures don't just leave homes empty, they ravage communities and make it hard for local governments to make investments in roads and schools.

But, you're absolutely right, that only a fraction of those trial mods have, so far, been converted into permanent modifications.

The Chinese are expanding their reach into the global economy in every corner of the world.

Senator Alexander has raised this issue on the floor, and made several speeches on it.

Tell me about China in your country.

So, when the Secretary was here, he talked about this body of 5.5 million mortgages going under water and facing foreclosure across America.

I might just say, in followup to that, if I understand the logic behind this, TARP carries with it a negative connotation in the financial sector.

Treasury must exercise greater oversight of Fannie and Freddie, who are supposed to be overseeing the servicers.

Foreclosure prevention is not just the right way to alleviate suffering, but it is the lynchpin around which all other efforts to achieve financial stability revolve.

Regardless of what we call it, the name we put on it, we want to make sure that it's being watched carefully and spent wisely, and that there is some accountability.

We cannot solve the financial crisis without dealing with the root of the problem: the millions of American families who are at risk of losing their homes to foreclosure.

I just want to say, too, that, even when all the information is in... they're still making the wrong decisions.

Fannie Mae and Freddie Mac...literally, the Government guarantors of mortgages, on a wholesale basis across America.

Are you going to name names in this?