Chuck Schumer actually said...

"So this means that right now, two-thirds of the servicers are likely to go along with this plan for those mortgages that meet the guidelines and the guidance that you have put out, is that right?"

"The problem of people getting financing is just everywhere."

"But if it goes to two-thirds, shouldn't that be a real change in the housing markets and rates of foreclosure, and even shouldn't it help us find a floor?"

"I really would say that your program is going to have a significant and deep effect on housing markets, improving them, and that can reverberate throughout the whole economy."