Robert Menendez actually said...

"I remember years ago, with a different set of witnesses, well before the housing market had its tremendous dive, I said we are going to face a tsunami of foreclosures."

"It is a multi-trillion-dollar market. It is a market that I do not believe presently would be absorbed under the present system."

"I hope we can get the right balance struck here because I think the pendulum has swung too far the other way."

"Obviously, community banks are seeking an extension. They believe it would be very helpful."