Elizabeth Warren

Your leadership has always been knowledgeable, thoughtful, principled, and it has been a great honor to serve with you.

I just think it is very important that the First Look Program actually work to help keep homeowners in homes and to help stabilize communities, not, as you say, a box to be checked off before the property gets shipped over to investors.

Give them a crack, and then after that, if it does not succeed, then, fine.

It has to be First Look, first bid.

We should make some changes to the First Look process so that we do not create incentives for investors and cash offers to get a preference.

We certainly are on this one.

To be blunt, Fannie and Freddie have put home ownership out of the reach of millions of creditworthy families.

I was pleased to see that last week, Treasury announced plans to enhance the existing HAMP modification to avoid some of the problems that these resets will cause.

Home ownership remains the principal way for most families to build economic security.

Well, that is right, and the data would suggest they are not using them.

Fannie and Freddie have gone in the other direction.

I think that is really valuable, and offering a lot of approaches that Fannie and Freddie could be using.

Access to mortgage credit is very tight.

It helps put our system at greater risk and it increases the likelihood of regulatory capture all at the same time.

This is part of the reason we need a 21st century Glass-Steagall law.

We cannot build a strong, reliable bank oversight system so long as the revolving door keeps putting bank executives in the role of temporary cops.

We need to put a lock on the revolving door.

I would like to have a 'yes.'

So, I understand that you believe that you have made progress in implementing the recommendations from the Beim report.

I am very glad that you commissioned the Beim report in 2009, and you have discussed how seriously you took that report.

Action is about shutting down shady transactions that could imperil the safety and soundness of the bank.

Based on your responses today, the New York Fed is not there in terms of acting on the issues it identifies.

I do not understand why this would not be a priority.

This shady deal was clearly intended to help Santander evade the regulations, in this case, capital standards, of the European banking authority.

The deal with Goldman was, quote, 'designed to help Santander artificially enhance its capital position.'