Robert Menendez actually said...

"For those who cannot honor their obligations, do you consider the possibility--of course, this is a case-by-case basis--of principal reduction as a possibility in the portfolio, in the tool of things ..."

"This hearing will come to order. Thank you all for being here today."

"Senator Menendez, I know you have been supportive of this idea."

"Can you explain why breaking down the analysis this way matters in terms of targeting loans for which principal reduction would be both beneficial to the taxpayer as well as the homeowner?"