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

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.

I believe our immediate attention should be to help those most in need who can be helped and are willing to help themselves.

Mr. Chairman, if I could ask one more question on lender payments.

You know what I am asking, don't you?

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?

It has to be done right, though. You will have some lawsuits.

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

I just want to tell the Secretary again we welcome him here. We look forward to working with you.

I believe, however, that it does so at considerable cost to the taxpayer and mainly serves as a further bailout to the very banks that helped us get into our current condition.

The Federal Reserve has provided assistance to several large financial entities, according to their words, 'in order to ensure financial market stability.'

The economic and financial climate has deteriorated significantly since our last monetary policy hearing in July of 2008.