Bob Menendez

The devil is in the details. The programs have not been set up from that.

I think there is a fundamental difference that when the marketplace on the private sector is looking at 20 percent of its portfolios and saying it makes sense for us in the marketplace to do so.

And so it seems to me, is that leading--do you believe that that has influenced Freddie's policies that discourage refinancing for homeowners.

Can you get to the point about principal reduction for me

Are you telling me Freddie did not make investments----

If we can either conserve the--as I look at the law and think about how do we preserve and conserve FHFA to minimize losses on behalf of taxpayers...

I just find that ethically troubling, to say the least.

I only ask great questions.

So largely during the Bush years is when this explosion took place.

I understand what principal forbearance is

There seems to be a pretty strong universe of those for the refinancing camp.

I appreciate it. Ocwen is doing this as one servicer who is doing this pretty successfully.

I think it takes away some of the concerns that Senator Corker was talking about.

I think you have done an extraordinary job.

Well, this is a real concern to me because I do not understand why you make a bet that you can largely control the outcome of and want your bet to lose.

So do you think these investments that influence Freddie's policies may very well have discouraged homeowners with high-interest mortgages from refinancing?

Progress in Iraq remains critical to U.S. national security.

We are dedicated to supporting a sovereign, stable, and self-reliant Iraq that can be a partner to the United States.

The administration's priorities in Iraq include supporting a unified federal democratic Iraq, fighting AQI and supporting human rights.

My understanding of the President's goal was to shift from a military mission to an assistance mission in Afghanistan.

I think that is a widely shared belief or point of view.

On the whole, Iraqis take the approach that they are a sovereign democratic nation, that they are independent of Iran.

I understand our goals, but we have an administration in Afghanistan that undoubtedly is significantly corrupt.

The United States has a clear interest in supporting a stable, sovereign, and democratic Pakistan at peace with itself and with its neighbors.

I look forward, if confirmed by the Senate, to working closely with you to advance America's interests in Pakistan.