what is the status, as bankamerica paid back the money? guest: bank of america has paid back all the money with interest. and i believe our bank is heading in a very good direction and we are focusing on operating efficiently. efficiently. our chief executive officer is doing a fantastic job. we want to play our role in the economy. every other household had a relationship with us. we feel an obligation. host: you are new to this. it brought in earlier this year. -- you were brought in earlier this year. what is the role of chairman of the board? guest: i joined the board last year and became chairman a month ago. it is to leave the board of directors. the chief executive officer's role is to lead the company. it is an important part of the governance process, a series of committees. we look at the risk, credit, audit, governments. it is my job to make sure the committees are staffed well and we have great people of the board working together to accomplish that. i enjoy working with brian to make that happen. host: bill on the republican l

what is the status, as bankamerica paid back the money? guest: bk of america has paid back all theoney wh interest. and i bieve our bank is headg in a very good direction and we are focusing on operating efficiently. efficiently. our chief executive officer is doing fantastic job. weant to play r role in the economy. ery othe houseld had a relationship with us we feel a obligatn. host: you areew to this. it brought in eaier this year. -- you were broughtn earlier this year. what is t role of chairman of the board? guest: i joined the board last ar and became chairman a month ago. it is to lea the board o directors. e chiefxecutiveice's role is to lead the company. it is an important part of the governance process, a series of commites. we look at the risk, credit, audit, governmts. it is my job to make sure the committees are staffedell and we have great people of the board workg together to accomplish that. i enjoy working with ian to ma that happen. host: bill on the repubcan line from dallas. yo are first caller: thank you for taking my

that is one of the reasons we stayed away from [unintelligible] >> yes, it is the reason bankamerica and -- exited the subprime business in 2000. >> in the debt to income ratio is our strong opinion that you need to look at the totality of the bar or's situation. the debt to income ratio -- the bar werborrowers situation. >> hindsight is a wonderful thing. the key is that we are here right now and the key is a achieving the affordability for those who want to and have the willingness to stay in their home. >> i know you would say that we separate people into too expensive of a home. >> yes, yes. i would also say that the total debt ratio is actually 64%, and that is going up. that is before food, clothing, anything. knowing what we know now from 10 years ago, where there is hamp or some of the loan modifications, in many cases isn't our real goal of keeping people in a house often keeping them in a house that is bigger and more expensive even after reductions than it would have been right size for them to begin with? as such, if the federal government is going to be trying to find af

that is one of the reasons we stayed away from [unintelligible] >> yes, it is the reason bankamerica and -- exited the subprime business in 2000. >> in the debt to income ratio is our strong opinion that you need to look at the totality of the bar or's situation. the debt to income ratio -- the bar werborrowers situation. >> hindsight is a wonderful thing. the key is that we are here right now and the key is a achieving the affordability for those who want to and have the willingness to stay in their home. >> i know you would say that we separate people into too expeive of a home. >> yes, yes. i would also say that the total debt ratio is actually 64%, and that is going up. that is before food, clothing, anything. knowing what we know now from 10 years ago, where there is hamp or some of the loan modifications, in many cases isn't our real goal of keeping people in a house often keeping them in a house that is bigger and more expensive even after reductions than it would have been right size for them to begin with? as such, if the federal government is going to be trying to find affo

bankamerica, city group and crestar financial are out, leaving the other four. i doubt very much that this will ever be repeated. it is sort of a one off. the other example that raises some interesting issues is the dp gulf coast -- of the bp and gulf coast plant facility. this is very interesting. bp has voluntarily contributed $20 billion to deal with claims arising out of this bill -- of the spill. they will also replenish the fund beyond 20 billion. the bp claims facility is independent and i am beholden neither to the administration nor bp. by agreement, i can do it on my own and exercise sound discretion in distributing the funds. the challenge with the dp facility is going to be that it is all well and good to set up this wonderful furniture mechanism to litigation -- this wonderful mechanism to litigation. some claims are easy. mr. feinberg, i am a fisherman. i cannot fish. the fishing beds are closed because of oil. i cannot fish. pay me my economic loss. that is an easy claim. it gets more difficult if you try to pave the loss in one want to cover pres

bankamerica, city group and -- city group -- citigroup, and crestar financial are out, leaving the otherfour. i doubt very much that this will ever be repeated. it is sort of a one off. the other example that raises some interesting issues is the dp gulf coast -- of the bp and gulf coast plant facility. -- claims facility. this is very interesting. bp has voluntarily contributed $20 billion to deal with claims arising out of this bill -- of the spill. bp is also told the administration that of $20 billion -- that if $20 billion is not enough, they will also replenish the fund beyond 20 billion. the bp claims facility is independent and i am beholden neither to the administration nor bp. by agreement, i can do it on my own and exercise sound discretion in distributing the funds. the challenge with the dp -- bp facility is going to be that it is all well and good to set up this wonderful furniture mechanism to litigation -- this wonderful mechanism to litigation. what is your definition of an eligible claims under the fund? some claims are easy. mr. feinberg, i am a fisherman. i cannot fis

bankamerica has 13% permit modifications. jpmorgan chase 20%.e are finding that the server serves -- servicers are not stepping up in a way that can encourage more people to station. people are not given understandable reasons wider home affordable modification program is denied. it is sketchy as to how people appeal a denial. they have their denials review before they face foreclosure we are glad you are doing what you're doing, but it is not enough. >> two minutes left. >> i officiate the steadfastness for it is better and working. they allow for no or loose regulation that created the sub- prime mortgage bubble in the first place. not one person in america would have been held in their vote had been a majority vote in the american recovery reinvestment act. i will not yield. they're not succeeding to the post extent. there are some among us that are helpful and not at all. thank you, mr. chairman. >> my colleague on the left is flat wrong. we want a workable program that will help homeowners not one that is expensive to health -- taxpayers an