It is very simple. All the training in the world--there is one simple statement to anyone who works for you. You do not have to be delinquent in order to be eligible for the program.

I walk away from this hearing not better informed about what that is going to be and I think that is a serious flaw in what you are doing.

Bank of America fully supports the Making Home Affordable program.

What about the VA and home equity loans?

I want to echo Senator Warner's remarks. That is not enough. There have to be consequences here.

We need a little transparency and we need some information here in order to establish what are the right benchmarks.

Time is not on our side. More importantly, it is not on the side for families of this country.

But at the end of the day, if we allow millions of people based upon incentives that move individuals to try--entities to try to move individuals to products that are good for the lender and/or the broker but bad for the consumer and…

Are you saying that the proposed legislation that the Administration advocates is going to reach to those previously unregulated entities?

If it was just community banks, we would not be in trouble.

regulatory policymakers for consumer protection should not be divorced from the responsibility for financial institution safety and soundness.