Jack Reed actually said...

"There are many who would look at the performance of Fannie and Freddie and say that, frankly, they have not done a very good job in those areas that you have pointed out--loss mitigation, getting peop..."

"Just to try to, in my own mind, at least, clarify, these contracts were approved by FHFA, not by the Department of Treasury, is that correct?"

"The overall health of the housing market, its sort of stabilizing and then beginning to slowly appreciate, is ultimately what will make the balance sheets of Fannie and Freddie look much, much, much, ..."

"So that there is no legal ability for the Department of Treasury to veto your decision."