The continuously escalating mortgage foreclosure crisis threatens to overwhelm the entire effort to stabilize our financial system in the interest of broader economic recovery.

I share your concerns about the effect of ongoing taxpayer subsidies.

We have recommended, for example, in our most recent report on autos that the taxpayers' ownership, the shares that Treasury now holds in Chrysler and General Motors should be put into a trust to be better managed on behalf of the…

I don't understand where Treasury is going next to deal with that problem.

We are going to have to address the coming problems with commercial real estate mortgages.

We put together a management report to Treasury identifying a lot of the frustrations, which I heard were exposed at Senator Menendez's hearing.

I appreciate the opportunity to be here today to talk about the work of the Congressional Oversight Panel.

In my view, two proposals from this report are critical to protecting the American financial system and preserving the ability of families to build wealth.

We continue to remain very concerned about the toxic assets that remain on the books at the banks.

Your business has failed. You failed. Your shareholders are wiped out.

We also are concerned that parts of the foreclosure mitigation process are just--they are just ignoring big pieces of the problem out there.