ms. coakley, and i just want to put them up for our viewers so they, a, know the five banks, but then they also know the phone numbers to call. so we can keep those up as we talk to you this morning and let our viewers know who to call if they've got questions about it. there they are. gmac, bank of america, citibank, jp morgan and chase are the five banks were tayou were talking a. there has been criticism of this deal, and we want to read them. he said, you're hardly skimming the surface of this deal. it could help some people a lot individually, but in terms of the big picture, overall housing economy and housing market, it's really just a drop in the ocean of the problem. >> i don't totally disagree with him, actually, and let me tell you why. there are a lot of reasons why the real estate market in the foreclosure crisis is where it is today. it has to do with unfair loan origination, it has to do with securitization of those loans, it has to do with -- and let me tell you what this is about and what it is not about. this is focused only on the idea that if the ban-- as the banks ackn

ms. coakley, meghan, christopher they have been great. mr.they have all been fantastic. i want to thank ron for his support of our events, and the chair of our organization. they are marvelous in our support of the series to inform the public. from my team, i want to introduce rich. he is our chief liaison. jamie did a lot of work in calling the press. harry brooks, a lifetime friend. we were at each other's weddings, from new england new service. we are ready to go. in terms of questions what we will do is, after each attorney general makes their 15-minute presentation, we will go to questions. come to the podium. rebecca will get the names and the dedications of people as they come. this will be set up as the microphone for audience. c-span requested that there be sound, instead of the faint, do not hear-kind of question as he usually have on television. we will lead off with ms. coakley. >> thank you. great to see you. i appreciate the opportunity. i think this will be more fun than arguing in front of the supreme court. we have to be good

ms. coakley, let me get into it. first, who will this benefit? >> it's going to benefit, frankly, from my point of view, the whole economy but where it's focused is real relief for two kinds of homeowners who have loans with the five banks that were involved in this particular agreement. those who have been delinquent. they haven't been foreclosed yet and they're behind in payments and they're preforeclosure. and the second group are homeowners who are under water. they have homes that are now worth less on the market than the value of their mortgage. and so they're not in a position to refinance or, indeed, to be able to get out from under that. so those are the two primary sets of homeowners who will be helped. keep in mind, what this does is avoid what we believe are unnecessary foreclosures. it starts to stabilize the market. it avoids the foreclosures and the aban donned housing and the kinds of things that bring everybody's real estate values downed and affect all of our cities when tax rolls roll around. >> and when will consumers, homeown

ms. coakley, we want to see ws crooks in shackles. no pats on the hand, no fines, no promises to do better. she's a democrat in st. louis, missouri. go ahead. >> caller: good morning. i'm calling concerning the lack of monitorship with the states, for example, with the governor of wisconsin taking some of this money for his own state's budget. how is that going to be amended and who is going to monitor that the state part of that is going to go where it's supposed to? >> and that's a good question. it's based on a certain formula depending on the size of the state, the number of homes involved. but states are getting a certain amount of money in this agreement that they can use for penalties, so it is appropriate in some instances, that states get relief for, as i mentioned earlier, the damage that state governments themselves have felt in cities and towns because of the fallout from homes on the tax rolls abandoned properly, it goes on and on with all the fallout. states and cities and towns have had to pay for it. some of that can a

ms. coakley cory wellford, megan silverbird. mr.nelli sarah kennedy noah wall, carolyn gibson, they've all been fantastic. from the national press club, you saw joe ann booth. i want to thank ron for all his support. automarcum rick and incoming teresa warner. from my team i want to introduce in addition to my wife rich mann. jamie, who did a lot of work. rebecca vanderlynn. my longtime executive assistant. perry brooks lifetime friend. we were at each other's weddings. here from western new england news service. and so we are ready to go. in terms of questions, what we will do is after each attorney general makes the presentation, we'll go to questions. what i'd like to do is have you come to the podium and then rebecca, you'll get the names and identifications of the people as they come. we're going to set this up as a mic for questions. so the audience would please come -- c-span requested that there be sound instead of that usual faint you don't hear it question on television. so we'll have the questions come to the mic and then

ms. cokely, megan -- coakley, megan silverberg. and they have all been fantastic. you saw joann is out there and i want to thank the outgoing presidents. they are marvelous in their support to inform the public. and want to introduce -- i want to introduce rich mann. rebecca vanderlin, my longtime executive assistant. and harry brooks. and so we are ready to go. i would -- in terms of questions, what we will do is after each attorney general makes the presentation, we will go to questions. please come to the podium and rebecca, you will get the names and identifications of the people as they come. we will set this up as a microphone for questions so c- span requested there will be sound instead of the usual faint you do not hear a question on television. we will have the questioners come to the microphone and we will ask the questions that way. we will lead off with ms. cokely. >> thank you. i appreciate the opportunity to do this. we have to be good because we only have 15 minutes. we will try and do that and i look forward to questions. i think you for the invita

ms. coakley, why don't you go first? >> i think that so far the courts have ruled that it is severable. be a response to find other ways to pay for the other pieces of the bill that people do want and are important for access, quality and choice in elt health care. that issue will be addressed and i think it will be upheld. let me address one thing that ken said. i think he has made a big concession, if i understand his argument. it said as long as you're no longer in the health-care marketplace, we cannot regulate you. if you never are brought to a doctor ever, i do not concede that is correct. for those people, that is a small percentage of people in 2009 use some kind of health care. that's my asht. -- argument. everybody is in the health-care marketplace. if you agree with me on that, you can be regulated if use health care. the argument it is the congress' authority to regulate the market. that's how it is paid for. i think that is pretty clear. i know his argument is this is a liberty address. i think he has to do that because you have to get it out of that box of commerce clause.