Time is of the essence.

You are envisioning a regulatory solution initially which would use what authorities you have, which are substantial.

The legislative process, as we prove every day, unfortunately is slow.

It is not going to work.

this situation was bad a year ago. It is worse today, and it might get worse.

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

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

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.

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

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…

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

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 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.

Thank you, Your Honor.

I want to commend Judge Votolato for following that lead.

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