Richard Shelby

Are they using the IMF as a bailout of Europe?

You are not telling us here today that the European banks are in good shape though, are you?

Wouldn't you think they would be wanting to share this with the Senate Banking Committee?

The focus of the crisis has been on the relatively small economy of Greece, but the European Union Governments fear that it could quickly spread across the continent.

During the past year, the European Union has been embroiled, as we all know, in a fiscal crisis brought on by years of reckless Government and budget deficits and sluggish economic growth.

Can you get that information to the Committee?

If Congress enacts housing finance reform, which we desperately need, could such an action perhaps help the housing market recover?

But in multifamily housing, as a rule, people have to put more skin in the game.

If the REO rental, Real Estate Owned, policies outlined in the white paper were to be adopted, how much faster will housing markets recover, in your judgment?

The sooner we do a comprehensive reform of Freddie and Fannie, the better off the taxpayer is going to be.

To be clear here in the Committee, it seems that the Fed is not making policy recommendations to Congress in its housing white paper, is that correct?

We have had testimony here before this Committee that it was less than one-half of 1 percent.

So just to put foreclosed properties or inventoried properties out there, single houses, is a lot more difficult than it would be with somebody experienced in multifamily housing.

I believe that this Committee should come together and craft common sense legislation to address the serious problems weighing on the housing market today.

Mr. Secretary, shifting around a little bit, about a month ago, President Obama told the American people that he was sending this Congress a plan to address the troubled housing market.

But not everywhere, right?

That is the ideal way. If demand and supply are in equilibrium, things are fine, right?

Do you have that same feeling in areas like Florida, Nevada, California, you know, some distressed areas?

I believe that it is unfortunate that Congress has yet to devise a thoughtful and effective program to revive the housing market.

I believe we can and we should return to that practice.

Unfortunately, as we sit here today, I believe the only realistic assessment of the state of our housing market is that it is weak and has faced continued decline.

Is one of the problems of delayed foreclosures that each State has a different law regarding foreclosures?

The troubled state of our housing market should be a call for Congress to take action.

How do you determine that has hit bottom? We hope it has hit bottom. What is your data?

It is not an unknown.