I also want to thank Senator Isakson for his very eloquent and very profound testimony.

We must do more and move aggressively to ensure that qualified homeowners get access to existing initiatives.

I understand also that they were given credit by the regulators for their affordable housing goals with the purchase of much of these market private label securities.

And what is the breakdown between the mortgage-backed securities and----

But as we have seen during this crisis, many of those, if not most of those, AAA-rated securities have, in fact, been downgraded.

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.

I am pleased and proud today to be here to introduce Associate Justice Rogeriee Thompson, the nominee for Rhode Island's traditional seat on the United States Court of Appeals for the First Circuit.

Serving as an appellate judge is a unique opportunity, and this lifetime appointment should be for those who have demonstrated they have the intellectual gifts, the experience, the judgment, maturity, and temperament to take on this…

After these deliberations, we came to the conclusion that Judge Thompson was uniquely qualified to serve on the First Circuit.

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

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.

Regulators should always seek to build an a margin of safety as there is always a risk that the theory underlying the regulatory regime falls short.

I thank the Subcommittee for the opportunity to testify today.

We heard that the Russians were ready to stand with President Obama on the stage in Pittsburgh along with President Sarkozy and Prime Minister Brown, but the Chinese were reluctant.

I would think that the problem we would have is these funds would run out, not that there is no call on them.

Am I glad that we had to spend this money? No. Do I share the anger and frustration that many Americans felt and continue to feel that Wall Street greed and regulatory neglect left taxpayers on the hook? Absolutely.

We fought to ensure that if ordinary Americans who had done nothing wrong were going to pay for this stabilization effort, they would get to share in the benefits if companies became more profitable.

It might be sort of urban folklore, but it is a very powerful one.

If we don't really, I think, turn the mortgage market, or build on the stability that you have helped provide...

If these results continue to be as Senator Menendez described, we will do more things legislatively, and hopefully they will be helpful.

We need to take action to restore Americans' confidence--and their financial security--by reforming a regulatory system that still contains far too many gaps, loopholes, and redundancies.

It's a pleasure, again, to be able to have the opportunity to discuss with you the safety and security of our Nation's biological research laboratories.

This has been extraordinarily shocking to all of us and your report has been extremely helpful and useful.

I hope today's hearing helps us to continue to identify the underlying issues and problems at the agency that led to this preventable travesty.