Carl Levin actually said...

"What, if any, guidance should be given to institutions by regulators relative to that issue as to putting into the stream of commerce the mortgages which are bad mortgages?"

"There has to be a right way to handle them."

"I think your folks did have knowledge of it long before today."

"They can point to them when they come to telling the folks they are supposed to regulate, Hey, this is the law, we are going to enforce it."