Richard Shelby actually said...

Before we discuss solutions, I think on this Committee we should first clearly identify the problems we are trying to solve.

Federal housing policies must be adequately assessed, and proper homework must be done before action is taken.

In order for this Committee to reform Fannie Mae and Freddie Mac, it must first understand why those institutions failed.

I agree with Secretary Geithner that housing finance reform is overdue and should be promptly addressed.