the euro -- bureau, you have mentioned repeatedly going backs of weedingut and regulatory reform witthe existg regulations. can you give me a brief update on where you are with that particular issue? >> i really am glad that you k this question. it permits us to talk about not just our overall -- we have reached out to community banks, credit unions, financial industry, people across the spectrum to try to learn from them. where the regulations are most problematic and we have settled on our firstriority for this agency. to take two forms, one is called -- these are forms -- you may remember the last time he bought a home. somewhere in the stack of documents that you dealt with, these are two forms that committee bankers tell me have roughly about and 80%verlap in terms of the content. they are written differently. they have different pieces to them. as a rest, they are expensive to fill out. they have regulatory compliance costs. there are real regulatory consequences if they did something wrong. in several meetings, i of that committee bankers come to me and show me these forms. show

it wenout to the wings so it's there witthe club for growth and the move on.org and the tea party express and we have seen many now wonder the citizens united large chunks of money don't even have to be disclosed. and so the effect on members as you take a look at what happened to lisa murkowski and robert bennett and mike castle in ther primaries on the republican side just to start with is your frozen. you don't want to antagonize these groups or you may not get your seat back. the democrats have a similar problem that was more pronounced on the republican side this last time. that's a very disciplined factor in terms of their ability to tackle these issues and take off the votes at this point and thereby cut the new media with the growth of the internet now with the blogs. we have msnbc and fox if you've ever watched them on the same might it's like two differet planets. they are also a major influence on the voter opinions and political opinions, the republican members you get your foxx, democrats, msnbc, talking to the base. and finally, i would add we have a lot more to talk about.

chairman, many of our own constituents, like homeowners around the country, were lured into hamp witthe promise of relief. in the end, these misled homeowners ended up with no permanent modification, tens of thousands of dollars deeper into debt. one of my constituents reported that after many, many months under a trial modification he was rejected from the program and immediately handed a bill for $42,000 in back payments, penalties and late fees. how is that an effective foreclosure protection? hamp has been played by -- plagued by problems from the start and is beyond mere reform. many oversight bodies, including the g.a.o., have cited time and time again that treasury has failed to respond to recmendations to increased transparency, accountability and consistency of the program. last year, the congressional oversight panel, or c.o.p., that the pressbacks are unlikely to impve substantially in the future. c.o.p. also stated that billions of taxpayer dollars will have been spent to delay rather than prevent foreclosures. it is clear that the administration has hold no intention on fix