Bob Menendez Jr.

I greatly appreciate your invitation and am honored to be here today to testify before the Subcommittee regarding, 'The Choice Neighborhoods Initiative: A New Community Development Model.'

Whenever we can do that, I think that when you can take even admittedly, as Dr. Sanders would suggest, a relatively small program but leverage it to $1.6 billion, that is a good place to be.

Choice builds on HOPE VI by recognizing that the problem of high concentrations of distressed housing... is not limited solely to public housing.

Which then brings me to my final set of questions. In HUD's experience, what has been the local demand for programs like Choice Neighborhoods?

I think that the Choice Neighborhoods Initiative builds on the bipartisan success of the HOPE VI programs

Treasury will continue to work closely with the Congress as we implement the range of United States sanctions against Iran.

Can you explain why breaking down the analysis this way matters in terms of targeting loans for which principal reduction would be both beneficial to the taxpayer as well as the homeowner?

Well, let me ask you a broader question. Right now, Fannie Mae and Freddie Mac currently own or guarantee 60 percent of the mortgage market in the country. Do you think that their regulator at the FHFA has been aggressive enough in using…

Are you concerned about the level of public sector job losses, and can you comment on their effect on our economic recovery?

Does the Federal Reserve agree that homeowners should not be required to waive their legal rights in order to receive relief under the consent order process?

That is one of my challenges with Mr. DeMarco, because his idea of conservatorship is, I think, outside of where we need to be.

I also believe there should be limits, reasonable limits on foreclosure fees and that there should be a fair appeals process for those denied loan modifications to ensure that families get a fair shake, not just a quick rejection.

Fraud and homeowner abuse through service errors is also a problem we must address.

Whatever dollars come in, we want to make sure those dollars go directly to the families to help them bring down their mortgages.

I have supported efforts to hold banks and the Government more accountable for their actions and to protect homeowners from predatory practices.

I look forward to working with the President to help families here in Plainfield and across the Garden State by establishing a set of fair national foreclosure standards to ensure that no bank--no lender is allowed to foreclose on a home…

Congress needs to support large-scale models like the Resolution Fund.

A downpayment standard of 20 percent could push 60 percent of all creditworthy borrowers out of the market.

It seems to me that after hearing the testimony, it should be clear that there is a great deal the Government can do beyond what we are--where we are at to help foreclosures by keeping people in their homes with mortgage modifications…

I have proposed my own comprehensive action plan that will address all aspects of the housing market.

I agree with you on that, which is why we fought the House provisions that eliminated all the funding and got a fair amount restored.

Well, I know I wrote several letters to the New Jersey Housing and Mortgage Finance Agency saying you have the slowest start in the Nation.

I believe that America's middle class spirit, that hope for a better life, is still alive in the hearts of every family here in Plainfield and across the country.

Every single program that has been discussed here today requires a counselor for a home buyer.

we have requested $215 million for the Neighborhood Reinvestment Corporation to rehabilitate and preserve existing buildings