Jack Reed actually said...

"our goal is to change the paradigm within the current system so that it functions."

"And if the economy gets worse for reasons not directly related to this, such as the sovereign debt crisis overseas, etc., then the foreclosure problem we face today, you know, the bottom keeps slippin..."

"the model that worked before does not work any longer."

"But what I am concerned about is that the people who will be left out are the mortgage holders who are struggling to stay in their homes--not the flippers, not those folks, but people who have seen on..."