Bob Corker actually said...

"At present, it is my understanding, as I leave here today, that you do not have that authority until the organization is stood up in July of 2011."

"This whole issue of securitization was one that I think we were all trying to understand how this 5-percent retention would work."

"I understand that the Treasury is going to be presenting a GSE proposal around January the 1st."

"I wonder if you would expand upon that, because I think a lot of us think that during this transition there absolutely is no rulemaking authority until it is actually transitioned."