Claire McCaskill

This is about a few bad guys that we need to make sure that we're paying attention to so they do not victimize people needlessly.

Thank you very much.

They love this product, the appropriators do, because we're able with CBO scoring to actually create money for us to spend today based on these loans being executed.

Is there an aggressive program in HUD when you determine that there has been a fraudulent appraisal that you all go back and pull all the appraisals done by that individual and look/examine all of those transactions? Are you pulling that…

Thank you very much, Ms. Jaedicke.

These are appropriate tools in limited circumstances.

I certainly don't want to insult your intelligence. I would never want to do that with folks I work for.

to any senior that is looking at a reverse mortgage go carefully, go thoroughly, make sure you understand all the fine print, and remember the most important thing that you can ever know whenever you're embarking upon any kind of financial…

We estimated there was a 110,000 of these loans last year.

But not by mortgage bankers?

The risk associated with Fannie Mae is the taxpayers' risk.

If we aren't getting good appraisals, we have fraud. If we aren't getting good counseling, we're going to have people that get caught up in situations that they're not prepared to handle.

If the money is not there, the taxpayers pay.

We're not going to take testimony from the crowd.

There's risk if they don't do it right?

I don't know how that salesman sleeps at night.

I discovered when we started looking into this product that part of the problem was Congress's voracious appetite for more money to spend.

It's in fact mortgage-backed securities that created your next job opportunity because if it were not for mortgage-backed securities being sliced and diced, subprime loans being sliced and diced into traunches of complex derivatives that…

Sir, let me explain. I'm here as a member of the Senate Committee on Aging...

I've spent a year and a half trying to completely understand this and this is complicated.

It's a violation of our Code of Ethics and Professional Responsibility.

So that's something that we need to follow up on.

But there's very little regulation over proprietary reverse mortgages compared to others.

I'm not a dumb person. I'm pretty smart. I've got a law degree.

I think we are so caught in the weeds of this market and the cost of money and what's going on in this economy that we're losing sight that seniors aren't getting the information they need and deserve before they enter into these…