Elizabeth Warren

So they will be gone by the end of the year.

There is an increased incentive for them to sit on the sidelines and hope that more federal dollars are coming.

I worry about two facts.

We should expect to see essentially either a dollar-for-dollar improvement in their lending or with leverage from private investment, a better than dollar-for-dollar improvement in small business lending.

We will be verifying that they use the tax dollars for small business lending.

Unlike the TARP funding for the big banks a year ago, this time will we be tracking the money?

Senator Warner in particular suggested the idea of essentially, as we have done in some of the credit markets, just effectively bypassing the bank credit system and moving TARP money directly to small business with private sector managers.

I am sure that is everyone's goal.

What is your projection?

I just want to make sure I am understanding.

So the question I am asking is what is your projection on the proportion that will make it from temporary modifications to permanent modifications.

You must have a projection here.

And I would like all the children to be above average, but that is not the world we live in.

You do not mean foreclosure filings because the foreclosure filings are accelerating.

We are about keeping pace at least, and maybe ahead of, the foreclosure rate for that population.

We will be naming names. We will be naming individual banks against more than five of these different service measures starting in early December.

But you do understand to engage in oversight, we need to understand your numbers and the projections here so we can see if this is working even on your assumption.

But you had a number.

So what were your projections?

All right. But from this point going forward, it cannot take you more than a couple of months. I mean, they are into the pipeline.

But I thought they were only in the trial part for three months. So why can we not tell it on the 91st day how many people are making into permanent modifications?

And we are very glad to see those changes. We are very pleased.

So let me just then, if I can--I want to drill in a little bit on the principal program here.

So then let me see if I can understand this the other way.

I will be even happier the day when we are put out of business because this process is complete and there is no more TARP.