Jeff Merkley actually said...

The situation is that often when folks seek a modification, they are told by the servicer, you need to be delinquent before you start this.

Merkley highlights issues with servicers requiring delinquency for loan modifications.

11/15/2010

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I am not sure this point has really been addressed.

So several people have spoken to the role of the AAA rating as being borrowed or used, if you will.