Richard Shelby actually said...

"Mr. Secretary, will those financial institutions that have already agreed to implement foreclosure mitigation plans be eligible for subsidies under your new plan, the President's plan?"

"Unfortunately, I believe the proposal is long on good intentions and short on providing a credible solution for our ailing housing market."

"Along these lines, it is my understanding of the legal--you have got a first mortgage, then you have got a second mortgage."

"Until we have a firm understanding, Mr. Secretary, of what is driving foreclosures, I believe assistance plans will continue to be ad hoc and uninformed, for the most part."