and give us an opportunity to move forward and obviously as i've prepred to leave tim johnson, richard shelby and other members will pick up this issue involves the traveling out the door and then move to respond to this issue accordingly. i want to thank the witnesses appearing and for their testimony about the problems in mortgage servicing for modification asset to foreclosure. as many of us know or all of us know we've had numerous hearings the problems of the mortgage industry in fact the second hearing i held as the chairman of this committee and the first week of february, 2007 was on the residential mortgage markets and problems. during that year 2007 we have almost 80 different hearings on the subject matter at one time or another including informal gatherings in this very room with a leading servicing companies in the nation to talk about plans they have to minimize the fallout from the mortgage crisis. it's a subject matter of the last four years the committee spent a great deal of time and attention on. in addition to today's hearing on the intent to have another hearing and i wil

i will be watching c-span from hopefully some comfortable spot in january as tim johnson and richard shelbythis whole extensive hearing. bob benet will be joining me along with evan bayh. [laughter] and watching you move forward. let me turn first of all to the attorney-general fallujah dewitt tom, we think a very much and i know you fort on this issue with others. in fact, my new senator from the state of connecticut of course, mr. blumenthal, the last 18 years i know has worked with you on this issue as well as i am anxious to hear what you have to say and we will move right along. i'm not going to the extensive introduction of all of you. i will put that on the record so your children and family to make sure you were recognized for your contribution to mankind. [laughter] attorney general pete >> thank you, mr. chairman and members of the committee. this hearing mix a lot of sense. these are very important issues that have difficult, difficult questions and difficult resolutions, but hour are very important to america. the housing market, the home to individuals, the report to everybody.

and give us an opportunity to move forward and obviously as i've prepared to leave tim johnson, richard shelby and other members will pick up this issue involves the traveling out the door and then move to respond to this issue accordingly. i want to thank the witnesses appearing and for their testimony about the problems in mortgage servicing for modification asset to foreclosure. as many of us know or all of us know we've had numerous hearings on the problems of the mortgage industry in fact the second hearing i held as the chairman of this committee and the first week of february, 2007 was on the residential mortgage markets and problems. during that year 2007 we have almost 80 different hearings on the subject matter at one time or another including informal gatherings in this very room with a leading servicing companies in the nation to talk about plans they have to minimize the fallout from the mortgage crisis. it's a subject matter of the last four years the committee spent a great deal of time and attention on. in addition to today's hearing on the intent to have another hearing and i

richard shelby requested $173 million in earmarks. me today that they're going to abide by their party's resolution. they voted for it moments ago. >> so dana, the bottom line is they're going to give up on determining where this money should be spent and allow the obama administration to make these decisions, the various departments and energies of the executive branch will have this, the congressional leadership is willing to defer to the executive branch? spz s&p what's happening now? >> effectively. there will be for the republican side, they will no longer direct money back to their home states as they have been doing. tens of millions of dollars, as i just showed, as they have been doing. the interesting thing to look for in the future, what happens with democrats. and claire mccaskill is a democrat who is already saying that she and several others are pushing for a full senate vote. a full senate vote to have a two-year ban on ear marks. this will be in the public very soon. it will put pressure to follow what they. did it have