So the servicer might be looking at financial outcomes for the servicer that are better if the homeowner goes into foreclosure than they are if they continue to work with the homeowner and put them back onto a salvageable footing?

You have perceived a distinct difference between the local banks and the big national banks in terms of the quality of the interaction between your clients and customers and them.

All evidence at this hearing to the contrary.

As Ms. Bodington said, these are tough times in Rhode Island and a lot of families are struggling.

Democrats in Congress led by Senator Durbin of Illinois tried unsuccessfully to include in the TARP legislation a provision that could have kept millions of families in their homes at zero cost to taxpayers.

Wall Street won and Main Street lost.

It strikes me that in light of our existing incentives, that is sort of a self-fulfilling proposition.

I don't believe that our present status quo is some ideal state of nature from which any variation is an anomaly or an interference. The status quo right now is riddled with Government hand on the levers of our economy.

The consequences of failing to do that are manifold. There are national security consequences, economic consequences, jobs consequences, quality of life consequences, environmental consequences, and they are all going to become very real…

Should we also be thinking about pursuing a similar disaggregation so that the conservation portion of a utilities portfolio actually has to be separate?

The technology isn't here for some of these technologies because we have not met the market in the incentives and investment for their development.

I think a legislated solution is preferable.

The U.S. Supreme Court has determined as the law of the land that carbon is a pollutant subject to Clean Air Act regulation.

The proposal I have made is not to change that liability standard but to change explicitly the pleading standard.

From these hearings, it is clear that problems at credit rating agencies contributed to the significant financial sector instability our country has been experiencing.

the Treasury proposal would require firms to register, subject them to high compliance costs, put at risk some firms' intellectual property, and hinder their revenue-generating ability.

One of the aspects of the legislation I proposed is to at least adjust the pleading standards and effectively, a private right of action would be, I think, a stimulus for a lot of due diligence.

Thank you very much, Mr. Chairman.