Robert Menendez actually said...

Many, many servicers have agreed to start refinancing the mortgages and they feel they are protected by the guidance that you have issued.

The real block, in my opinion, has been the servicers and the bond holders.

Mr. Secretary, I defy anyone to suggest that these cases were somehow the exception, that these were aberrational.

I said then that we were going to have a tsunami of foreclosures, and the administration basically said I was an alarmist.