On the recordJune 19, 2008
let me begin briefly by thanking our colleagues who have come and spoken on the bill already this morning. I thank Senator Bob Casey, of Pennsylvania, a member of Senator Shelby's and my committee, the Banking Committee, for his remarks. I also thank Judd Gregg, of New Hampshire, who, while not a member of the committee, has followed our work very closely and has been intimately involved with the committee over the last number of months as we were developing the Homeowners Act, an idea he brought to the table. He brings a good historical perspective--going back to the Resolution Trust Corporation and dealing with another housing crisis and how well that idea worked; and while we are not exactly duplicating it, he has knowledge of how that worked and an understanding of the basic idea behind the bill that we have authored over the last several months, which is very helpful. I know Senator Shelby and I are grateful, as are other members of the committee, for having a nonmember of the committee understand the issue as well as he does. His support of what we are trying to do is very helpful. I thank Senator Baucus and Senator Grassley as well.…
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