Jack Reed actually said...

"It is not perfect. Seldom do we do perfect things here. But it is progress and we have not seen a lot of progress over the last few years."

"trend of deference to the Enterprises, including a reliance on the determination of the Enterprises without independently testing and validating them."

"Have you directed Fannie or Freddie or both to independently conduct an evaluation of the pros and cons of principal reduction as a way to, hopefully, in the long run, enhance the value of their franc..."

"it is a lot smarter for a bank to keep someone in their home paying rent and maybe even have a principal kicker at the end than to foreclose."