Richard Shelby actually said...

"Unfortunately, this program has only modified a handful of mortgages."

"We share your frustration with the slow pace of efforts to help homeowners get out of bad mortgages and into mortgages that will allow them to stay in their homes and build equity at the same time."

"But whatever we say or do policywise, or you implement the policy, if the market doesn't respond to it favorably, it is not going to work, is it?"

"Clearly, this is a regrettable policy failure."