Barney Frank: “We can't. We are contractually obligated to reward the people that have driven us to the edge of the precipice--$1…”

Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country.

For example, there are key differences in product characteristics between payday, car title, and other high-cost secured loans and more traditional closed-end unsecured lending and related products, and the products are often regulated…

One thing that not only Barney Frank, Ms. Barnes and also Sandra Day O'Connor, Justice O'Connor agreed on is that that Kelo decision stripped those three words out of the Fifth Amendment, 'for public use.'

I urge staff to pay close attention to the differences in products offered by nonbank institutions and to be mindful of Congress's intent in financial reform that State consumer protection laws be preserved to the extent possible.