It is not going to work.

Should we mandate that 100 percent of loans should at least be evaluated and offered a modification?

I think this echoes one of the recommendations that Ms. Thompson has made and which is included in the legislation I have.

Thank you so much for your work on supporting servicing reform.

But just again, your process, because of the negotiations, because of the complexity, we expect--you expect months from now to have recommendations which might take even further time to implement.

our goal is to change the paradigm within the current system so that it functions.

And if the economy gets worse for reasons not directly related to this, such as the sovereign debt crisis overseas, etc., then the foreclosure problem we face today, you know, the bottom keeps slipping down, down, down, down, down, and…

we have to start moving toward a solution, not simply waiting, because it seems to be getting worse in my mind.

Well, I appreciate what you and your colleagues are doing. It is very important.

the best outcome is to keep a person in their home and to keep them paying, and we are all advantaged by doing that.

We have to think creatively.

But it strikes me, stepping back, that because of national policies, Federal Reserve policies, we have lowered the effective interest rates for banks dramatically.

I just find it--'ironic' is too mild a term.

That strikes me as not only unfair but terribly inefficient, because the point of a lot of the macroeconomic policy has been to lower interest rates.

The foreclosure issue is not only a drag on the economy, but... it is a source of exasperation, anxiety, anger, frustration, and much more for families trying to deal with it.

I want to commend Judge Votolato for following that lead.

It is our hope that we could generate such a provision on a bipartisan basis.

This has long appeared to be the most efficient and least costly way to keep families in their homes.