So this week Senator Durbin and I plan to introduce legislation to create a new regulator to provide consumers with stronger protection.

the time is right for a financial services regulator with consumer focus.

the greatest challenge President Obama has after he gets us out of this financial mess is to figure out how we get back to those traditional values.

But the deceptive practices, the predatory practices, we have seen them in the mortgage industry.

we became a country that consumed more than we produced, borrowed more than we saved, and imported more than we exported.

the proposal that Senator Durbin and I are making is one part of that, but there are lots of other parts.

If we consolidate both rulemaking and enforcement in this one agency, then I am comfortable with the funding model.

I am very grateful to have a partner in this in Senator Shelby.

How would you propose it be funded? Should there be some kind of user fee, whether on the lender or the borrower?

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.