Bob Menendez

I hope that we are adopting policies that give us long-term growth in the housing market, which is going to be part of our solution.

Well, Fannie is headed in the right direction. Freddie Mac has a dismal record. I would commend it to your attention and like to see your response to it.

Thank you, Mr. Chairman.

Is the Justice Department considering bringing in the largest mortgage entities and giving them a little bit of a primer here on what they are supposed to do?

I appreciate that. We will follow up with Justice.

It seemed to me from his testimony and other sources that the act is either not well understood... or simply not followed and needs better enforcement.

I ask the Chair to advise me when 30 seconds has passed by. The Menendez-Isakson amendment would temporarily restore conforming loan limits to the level that existed under the law as of September 30 but expired. The drop in loan limits has…

Thank you, Mr. Chairman.

All right. My time is over, but maybe, Ms. Bowdler, you can make a final comment if the Chair permits it.

A fundamental, big difference, and I do not want to get them confused for the record.

I am not suggesting an oil embargo on Iran. That would drive up prices and give them greater assistance.

How long do we have to wait before that happens?

Can you tell me whether you are open to closing this loophole, establishing the United States as an Iranian oil-free zone...

I think most Americans would be appalled to learn that they are putting Iranian gasoline in their vehicles.

We meet on the heels of a foiled plot to assassinate the Saudi Ambassador to the United States and to attack the Embassy of Israel in Washington, DC.

I applaud the White House for its quick action this week in imposing new sanctions against Iranian elements responsible for the planned assassination.

CDFIs will be under your jurisdiction, as well, and we had a major initiative signed into law that is unfolding and we think that is a great economic driver, as well, and we look forward to working with you on that.

I do appreciate your answer, but I want to get specifically what do you believe are--there are many elements into job creation.

The financial crisis that came to a peak in September of 2008.

It is a very strong statement, as one of the Nation's foremost job experts, that job creation is number one on his economic priority efforts

I also think that when you say 20 percent, it seems to me that the broader criteria of determining the lending criteria is important.

I know that prices, home prices, are low, and interest rates are about as low as they get.

Well, I guess that the conservatorship would have to look at what it is going to get at the end of the day if people default, what is the real value there.

Right now, who is the biggest holder of this liability? It is all of us as Federal taxpayers through the GSEs and the FHA?

I appreciate moral hazards as much as anyone else. I think there are moral issues into how people were led into mortgage products they should have never been into.