Weeks go by and there is no resolution. There is no conclusion as to whether or not that situation can be resolved.

I'm frustrated that we have to hold this hearing.

Obviously, there is a lot of frustration in these numbers we hear this morning.

We want to commend Chairman Dodd and other members of the Committee for your leadership in getting this important legislation enacted.

I want to raise the issue with you about the principal reduction versus the payment reduction approach.

Thank you particularly, Mr. Chairman, for co-authoring with Chairman Frank a letter last week highlighting the need to help families keep their homes and avoid foreclosure.

It seems to me then it is better to get that property up, get it auctioned off, and get it moving.

These families are the foundation, as all of us know, of our economy and the reason that we are here in Washington working on this historic and critically important legislation.

These families are the foundation of our economy and the reason we're here in Washington working on this historic and critically important legislation.

I think all of us would tell you up here, and I am sure you are aware of this, as well, that from our community bankers and, for the most part, the credit unions in our State acted very responsibly through all of this and what they worry…

The problem is the structure itself.

The important work we do on this Committee is often complex and painstaking in its detail.

That's why the first piece of the Administration's comprehensive plan to rebuild our regulatory regime and our economy is something I have championed: an independent agency whose job it will be to ensure that American consumers are treated…

I have championed as well, and that is, an independent agency whose job it will be to ensure that American consumers are treated fairly and honestly.

we want to work with you. We have got a lot of work to do.

the greatest Attorney General in the United States of America.

The failure of that system in recent years has left our economy in peril, as we all know, and caused real pain for many hard-working Americans who did nothing wrong themselves.

The problems that we had in the mortgage market--exploding ARMs, rising loan balances, credit card tricks...are just unacceptable for us in the future.

We need to reform it. We need to give them a single--the bank regulators need to have a single mission focused on safety and soundness, and we need a new consumer protection agency whose sole mission is consumer protection.

It is time for a level playing field for financial services competition based on strong rules, not based on exploiting consumer confusion.

The present system of consumer protection is not designed to be independent or accountable, effective, or balanced. It is designed to fail.

We have to have a fresh start with a new agency whose sole mission is standing up for the American people.

that loss allowance associated with these subordinated liens may be insufficient to realistically and accurately reflect their value, especially in light of the historically poor performance of first lien mortgages and seriously diminished…

I am going to be leaving briefly.

I firmly believe that someone should have their backs.