Patty Murray

It may take more than being stern.

I want to know that the banks are working to do this rather than doing everything they can to make it not work or stall it or not get involved.

Banks not returning phone calls forever.

My front desk in my Seattle office would tell you that that is not working very well.

At home I am hearing from a lot of counselors and homeowners about the problems that they are facing in getting permanent mortgage modifications.

About a year ago, the administration launched their Making Home Affordable to help homeowners with foreclosure.

I actually do not expect mortgage rates to back up as significantly as some of the extreme negative views are.

So we do not know what the withdrawal of these supports is going to be.

Thirty percent is too much. We all agree with that.

Any kind of radical change in the role of the GSEs could also mean a dramatic change for FHA and Ginnie Mae.

I think we need a very thoughtful approach as we do this.

So we know reform is necessary and there has to be a clear plan for ending this unlimited taxpayer assistance for Fannie and Freddie.

Well, as we now work to reform Wall Street and the financial sector and prevent any future housing crisis, it is really clear that we have to address the future of the GSEs.

You noted in your testimony that most of the expected losses are the results of mortgages from previous years.

Do you know when you are going to hit that 2 percent level?

Fulfilling the same role as it did when it was created during the Great Depression, the FHA has stepped forward to help provide liquidity and restore stability to the housing market.

The consequences of these risky behaviors have rippled through the national and global economies with mounting foreclosures, a crippled housing market, and a financial sector in turmoil.

As we sit here today, millions of Americans are out of work and many more are struggling with unaffordable mortgage payments, negative home equity, or foreclosure.

This morning we welcome Commissioner Stevens to his first appearance before our subcommittee as we examine the Federal Housing Administration and its role in the housing market.

We are hoping with the President coming later this month that we can have a resolution of this and move on.

I feel very strongly that our Washington State farmers and our families should not be punished for a diplomatic dispute they had nothing to do with.

I am told there is a list available somewhere in the administration of the barriers that exist. Is that available?

Okay. All right, very good.

Yes, it does. And what I hear you saying is you are using your own expertise, you are sharing it, which is new, and you are not exclusively limiting yourself to your one area?

So you don't see that as the sole responsibility is going to be them?