Barney Frank: “Yes, there was a letter saying we don't now have the authority. This gives them the authority, which they welcome.…”

“Yes, there was a letter saying we don't now have the authority. This gives them the authority, which they welcome. Secondly, this does not extend the TARP at all. This does not extend the TARP in any way. And as to getting repaid, there is legislation that we added to the TARP that requires that at the end of the TARP program, 5 years from the date of it, 2013, the President must submit to us legislation that gives us a way to get it back from the financial services industry. So, yes, this will be repaid to the taxpayer by the financial services industry. By the way, the TARP is now down to a total of 25. This does not add $1 or 1 day to the TARP, either in its lifetime or in its funding. The legal services appropriation last year was passed before we understood the extent of the mistake, the fraud, and the abuse in the foreclosure process. That is exactly right. The $400 million in legal services did not anticipate what we have since learned about abuses in the foreclosure process.”