thank you for holding this timely hearing on new ideas to address the Nation's continuing mortgage problem.

What about getting the GSEs to just let people who are presently in place lower rates to refinance at lower rates today?

We need big, bold solutions. Everything we have tried to date on our foreclosure problem, regrettably, has not met with our expectations.

I look at this and I say, Well, who is the biggest holder of the major part of--significant part of the liability here? It is Fannie and Freddie.

I think we need to start transitioning away from Freddie, Fannie, FHA, to the private market.

It is not the time for the Government to constrict availability of mortgage capital for people who are qualified to buy houses because of a limitation on those loan limits.

I hear from New Jersey homeowners who have trouble with their home loans.

FHA is a critical resource for providing financing, particularly to first-time home buyers.

I hope that our legislation, the Home Ownership Affordability Act of 2011, which Senator Isakson and I have introduced...

I look forward to getting America's housing finance system back on track, which is why I'm also looking forward to my Housing hearing tomorrow afternoon on New Ideas in Refinancing and Restructuring Mortgages.

As families back in New Jersey, whether they own their homes or they are renting, are struggling through these tough times, we need to make sure that they have access to 30-year fixed-rate mortgages.

There will be an uneven and unbalanced playing field where community banks have to abide by the rules.