To suggest, as one or several commentators have, that this problem was created, and I quote, by 'deadbeats with an extra bathroom' is not only insulting and infuriating, but to the families who are suffering right now, it is tremendously…

One of the biggest lessons I have learned over this period of time is that some of these institutions simply will not police themselves and lenders will not modify their own, in many cases. Voluntary efforts just do not work.

I look forward to working with you as well.

I am reminded of the shortcomings in the Fed's regulation of bank holding companies.

But isn't it true that, largely speaking, at least at this point in time, these banks cannot raise the type of private capital that they need?

But for all the successes the Fed has had in carrying out its core mission--monetary policy--its regulation and consumer protection missions have been abject failures, in my view.

I commend your conduct of monetary policy during your tenure.

I think it will be less costly. We will begin to see the recovery a lot sooner.

I appreciate those efforts and I hope that the Federal Reserve's guidelines, which are a good step, could actually be accelerated.

Our economy will not recover if debt ties down consumers tighter and tighter.

A lot of questions still remain unanswered.