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.'

I am hoping that Choice Neighborhoods can go beyond that.

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?

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?

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

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…

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 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.

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…