Robert Menendez actually said...

"I don't think we should give up on the American Dream of home ownership because of the current housing market setbacks."

"Let me ask you, Professor Levitin, in the days before GSEs, loans were generally renewed every 3 to 5--or due every 3 to 5 years and had to be refinanced all the time because lenders were not willing ..."

"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."

"And one of the challenges I see is what if we completely eliminate the GSEs, as some are proposing?"