mr. friedman? >> i think it should be continued now, especially now that you are identifying and verifying items up front. i think that will help us see much more positive results of the program. >> for about 80% of the modifications outside of the government program there is no program of any kind. i would continue the enhancement of ready-mad i would not expand it. -- the enhancements already made. i wou not expand it. >> i would ask the treasury to provide very clear information that they promised many months ago. they published virtually no information about the faults. -- the faultdefaults. you need to compare it to the way that oec has been tracking for months. >> ank you. i yield back. >> i now yield to the ranking member congressman eisa. >> i think we both have heard enough to know that we need to have treasury back here well before october to talk about lessons learned and if there is to be any modification or extension, to get to a sooner rather than later. but wouldn't you agree? >> it

mr. friedman? >> i think it should be continued now, especially in light that the program -- now or verifying items up front. i think that will actually help see much more positive results out of the program. >> mr. heid? >> i would add for the 80% of the mods happening outside the program there is no government payment of any kind. the program itself -- i would continue it. i would finish the enhancements already made. i would not expand it. >> it should continue. >> i would ask treasury to provide clear information, which the promised many months ago, about re-default rates. they have published virtually no information about re-defaults. the mortgage metrics report -- you need to know how this program is doing compared to the way rob occ has been tracking modifications. >> i now yield 5 minutes to the gentleman from california, the ranking member. >> thank you, mr. chairman. i think we have both heard enough to know we need to have treasury back here well before the october end to talk about less

mr. friedman, what do you think? >> i was not around the secretary when he made the comment, but i do believe it is a fact that not all homeowners can afford their mortgage payments. and as a result, like many of us, if you spent too much money on something you have to cut something else out. that could very well be what he meant. i think as a general policy of homeownership is a great thing, if people do not get greedy and can pay the mortgage and can afford all those things that go along with home ownership. >> my time is expiring. in listening to all of your testimony is about how you have been approaching homeowners i can tell you that the anecdotal stories that we hear from realtors, from nonprofits try to assist homeowners, is that loan servicers are not responsive, that it is an incredibly difficult process even when you have a social worker that is sitting and guiding someone to the process. that in fact you are making decisions that do not model the market. when their a short sales that are offered you allow

mr. friedman? >> i think it should be continued now, especially now that you are identifying and verifying items up front. i think that will help us see much more positive results of the program. >> for about 80% of the modifications outside of the government program there is no program of any kind. i would continue the enhancement of ready-made. i would not expand it. -- the enhancements already made. i would not expand it. >> i would ask the treasury to provide very clear information that they promised many months ago. they published virtually no information about the faults. -- the faultdefaults. you need to compare it to the way that oec has been tracking for months. >> thank you. i yield back. >> i now yield to the ranking member congressman eisa. >> i think we both have heard enough to know that we need to have treasury back here well before october to talk about lessons learned and if there is to be any modification or extension, to get to a sooner rather than later. but wouldn't you agree?

mr. friedman, what do you think?> i believe it is a fact that not all homeowners can afford their mortgage payment. like many of us, when you spend too much money on something, you have to cut something else out. that could very well be what he meant. i think home ownership is a great thing. if they can pay the mortgage and afford the things that they want. >> in listening to all of the testimonies about how you have been approaching homeowners, there have been stories that we hear from realtors, as people tried to assist homeowners is that the loan servicers are not responsive, even when you have a social worker guiding processes. you are making decisions that do not respond to the market. one thing would be really helpful to have known services on one side of the room and have realtors on the other side of the room. we are hearing a different story from what you are telling. >> your time has expired. mr. kucinich. >> to the gentlelady at the table. each of you represents lenders. i remind each of you that without t

friedman once said, capitalism is a profit and loss system. the profits encourage risk taking anthe losses encourage prudence. mr. speaker, we must have freedom to fail in this country. we cannot have too big to fail and more importantly, we cannot have the politicalization of the process by picking and choosing people like freddie and fannie to get $6 trillion worth of full faith funding from the american people in order to guarantee what ultimately was to a great extent their fault. we went into a financial collapse because when homes became unaffordable, gimmicks were produced. the american people watched their government create most of those gimmicks and even today the american government continues to fund a 3.5% down form of financing as tugh homes will only go up in price. so i look forward to working on a bipartisan basis to get this bill right in conference. i yield back the balance of my ime. the speaker pro tempore: the gentleman yields bk the balance of his time. the gentleman from alabama reserves the balance of his time. the gentleman from massachusetts. mr. frank: i will yield three minutes to the c