Jack Reed actually said...

"I think we are confronting--I applaud your efforts to go forward prospectively, but we have a huge problem with what we have to deal with right now."

"The Commercial Mortgage Securities Association (CMSA) is grateful to Chairman Reed, Ranking Member Bunning, and the Members of the Subcommittee."

"I believe that continuation of Fannie Mae and Freddie Mac as member owned cooperatives would serve to establish standards."

"Careful consideration should be given to the desirability of fixed rate mortgages and the mechanisms for maintaining that market."