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?"

"But I think, yes, and Mr. Chairman, I think most of the big banks that have already received TARP money who are servicers have agreed to be part of this, isn't that right?"

"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."

"And that is going to mean some real stuff to the stability of the banks and of the whole financial markets, because they are still holding this paper."