several years ago, I introduced a bill to change the bankruptcy law to say that the primary residence could be considered for modification of the mortgage debt by the bankruptcy court

I really think the program should be mandatory so that people follow it, or at least have real teeth.

And we're going to do it by-- bank by bank.

Before you go further, I'll just say, that was one of the motives behind the bankruptcy change.

So, when the Secretary was here, he talked about this body of 5.5 million mortgages going under water and facing foreclosure across America.

Regardless of what we call it, the name we put on it, we want to make sure that it's being watched carefully and spent wisely, and that there is some accountability.

I would like to endorse support for community banks.

I think the current pay structures are incentivizing servicers to either not modify or just continue with their behavior.

there's no question that Congress must pass financial reform legislation to strengthen oversight and accountability and taxpayer bailouts of huge financial firms, and prevent the excesses that have contributed to the deep recession that…

we're going to provide more of that relief in the form of reduced principal payments.

Foreclosures don't just leave homes empty, they ravage communities and make it hard for local governments to make investments in roads and schools.

Treasury must exercise greater oversight of Fannie and Freddie, who are supposed to be overseeing the servicers.

I think the financial stability act that we have on the floor now, the Wall Street Reform Act, really is a step forward.

This will be the third time this week we have given the Republicans an opportunity to join us in a bipartisan effort to bring real reform to Wall Street and the big banks on Wall Street. Twice now we have failed to get a single Republican…

If we fail to stop our own approaching tsunami of red ink, then the futures of our children and our grandchildren will be damaged by our negligence.

I would like to ask the Senator from Vermont if he would tell me his take or evaluation of the provision in this bill which exempts usury laws and interest rates from the consideration of the Consumer Financial Protection Agency. I…

I wish to give credit where it is due. The original amendment we talked about that protects military families was offered by Senator Jim Talent of Missouri, and I supported it and everyone supported it because we found men and women in the…

I would ask the Senator from Vermont through the Chair, as informative and as entertaining as our presentations are on the floor, the fact is, 98 chairs are empty on the Senate floor, chairs that could be filled with Members of the Senate…

again today, for the second day in a row, we have failed to break the Republican filibuster on the Wall Street reform bill. The votes are very clear. With one or two Democrats out-- one who is opposed to breaking the filibuster and the…

It has been over 2 years since Bear Stearns failed. It has been over 18 months since Wall Street collapsed and the economy teetered on the brink of depression. It has been almost a year since the administration offered a detailed proposal…

Let me just say that at the end of the day--currently, lobbyists are being paid $120,000 a day by Wall Street to stop this bill. So far, they have Republicans on their side and they have been successful. In an hour, I hope that all…

No agency that comes before this Government should be above oversight and review.

Let me say in closing, before turning it over to Senator Collins, the questions I have asked you today have been pointed.

What I am asking you, is there any built-in obstacles to your acquiring the technology that you believe is available and that you need?

So if we embark on this brave new world, do you see a demand for more staffing and more activity at your agency?