Richard Shelby: “There is no special treatment, I say to my good friends--and I have a lot of respect for Senators Bunning and DeMint…”

“There is no special treatment, I say to my good friends--and I have a lot of respect for Senators Bunning and DeMint-- no special treatment for any lender or homeowner. All lenders will have to take a significant loss, more than a little haircut, if they choose to participate. This is a voluntary program. All homeowners will have to share any equity gains. This is not a bailout, I assure my colleagues. The Presiding Officer knows I wouldn't support a bailout. I voted against the stimulus bill that was here earlier in the year, as some of my colleagues did. But there are some good things in this bill, and I want to talk a few minutes about them.”