Many of these servicers are not even providing a human being to confirm that the foreclosure is warranted.

The administration's Home Affordable Modification Program, while well intentioned, has not succeeded in producing enough modifications.

I mean, one of the things that we have been trying to do is to incentivize, one way to describe it, a much more proactive, much more focused can-do attitude on the service of the banks to get it done.

The effort that you have undertaken to come in here and to do that is really valuable for us.

I want to give Jack great credit for the success of that.

Thank you very much for listening, and I am happy to answer any questions.

I know that Richard Godfrey and the Rhode Island Housing team is working very hard to get that up and operating and helping.

This has been, I think, a very helpful hearing, and I want to say some particular thank you's.

It gives Senator Reed and me real leverage in Washington to be able to do this.

Thank you, Your Honor.

I think, again, if we can get a program like you have suggested--and I concur with the notion there has to be a referee with authority.

Unless we successfully deal with this issue of foreclosure, the economy will not expand as it should, and people's lives will not return to at least close to normal.

I appreciate the systemic approach, but in just looking back it seems to me that the approach of looking at the risk assessment and evaluating it and seeing that they were doing what they said they were doing did not seem to be…

Let me just say, both to Chairman Gensler and Chairman Schapiro, the comments this morning reflect a collaboration and cooperation that is recent, but is very commendable.

I hope is analytical and apolitical, which attracts the best minds that are looking across the system and forward.

I want to commend you because you have identified a significant issue, both the impact on the taxpayer and the impact on the people who we're trying to help, students, people all across this country.

I appreciate very much that Chairman Leahy was willing to do that.

It is a very solemn thing for members of the U.S. Senate to consider nominees for the United States district court.