Robert Menendez actually said...

"As a matter of fact, Professor Mayer at our Subcommittee hearing that I chaired a few weeks ago estimated that it would result in GSE profits of as much as $23.7 billion."

"You mention in your testimony that lenders in the HARP program report that borrowers are saving as much as $2,500 per year, which, as you point out, is the equivalent of a big tax cut for those borrow..."

"But am I correct in saying that even that figure does not include the additional savings borrowers could get if we enacted the Menendez-Boxer draft bill and increased competition in the HARP refinance..."

"Allowing a homeowner to refinance from a loan that is 6-percent interest to a loan that is 4-percent interest, for example, would save them hundreds of dollars a month, putting more money in their poc..."