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[1:16] ..." to get out of trouble. Clearly I think by what happened with Wall Street even without bail out. Everybody understands that this is going to be a much longer we -- The sooner we can pay"...
[2:53] ..." I think the agreement with. Now Bank of America that bought country. Countrywide loans has been impressive but it's interesting the work by the at this level has spent. By state AG's not necessarily the federal government as we continue to do our work hopefully we can get the attention helping working concerts. -- the federal government meanwhile we can we continue to watch report people who violate the law people who do. It is predatory lending -- rescue schemes and hopefully we get the attention of the federal government from what we've seen in the state level that. We gotta start modifying --"...
[3:33] ..." limited because congress over the years has preempted so much it would Attorney General can do. At a certain level."...
[0:00]" Congress has passed this bailout package and you know it. Obviously there are certain things that are in their for the banks but is there enough in your view in -- for people. That are facing foreclosure in May be don't necessarily have to."
[0:14]" In the short run it's not clear and that's one of the concerns we had we understand that congress. Help something has to happen I think that's probably bright. But this is on going to be a continuing problem or really we're going to get keeper -- Ian -- in their homes and I think our belief is that until an element there's real attention paid and there's some potential to plant and the regulations that. Henry Paulson made device that will ensure that. But right now until we get agreements like on several my colleagues reached with Bank of America to modify loans I think he's been in the we -- lord knows short term relief for people who are either foreclosure or intently."
[0:59]" So how do you speed the process how you try to shore up the bottom so that it doesn't drop out."
[1:04]" Well it it's. Basically shoring up the bottoms it doesn't drop out -- and I don't think we get -- the road to economic recovery until we address this issue it it's it. Piece of the rock and why were in trouble now and until we address that we're not going to get out of trouble. Clearly I think by what happened with Wall Street even without bail out. Everybody understands that this is going to be a much longer we -- The sooner we can pay attention to this piece of the economic puzzle the matter and so I think that it's now incumbent upon. It is secretary of the treasury those have been given great authority and discretion under the bailout bill to require in some ways to food. Investors and securitize there's the people holding in the notes and the people who are invested in them pay attention to getting people back into their homes."
[1:50]" Do you think they're paying any attention to it at all it it seems as though they're saying things that. In terms of tangible. Plans to try to do something it seems to be somewhat short supply."
[2:00]" Well our experience that we've looked at this issue over the last year we've looked at loan modifications that have occurred. We do it -- again I think we can movement by the Bank of America. On this weekend -- can make -- loan applications I think it did absolutely thinking in. Two folks that this is a crucial part of the economic recovery. I think Washington has been so concerned with the immediate credit crunch and -- panic and the urgency of their the short term that they haven't paid attention to that -- is much as they should I am. That perhaps now with that bill the bill being passed they will understand they can understand that this is going to be the quick next to conceive of people ought to pay attention to."
[2:41]" Is there anything that the state can do absent. Federal leadership federal direction."
[2:46]" Well we worked you know it's we brought lawsuits in Massachusetts against some winters here likes Fremont an option one I think the agreement with. Now Bank of America that bought country. Countrywide loans has been impressive but it's interesting the work by the at this level has spent. By state AG's not necessarily the federal government as we continue to do our work hopefully we can get the attention helping working concerts. -- the federal government meanwhile we can we continue to watch report people who violate the law people who do. It is predatory lending -- rescue schemes and hopefully we get the attention of the federal government from what we've seen in the state level that. We gotta start modifying --"
[3:25]" So there's really very little that you can do other things just simply enforcing the law."
[3:30]" That's exactly right and are a fact -- many institutions is limited because congress over the years has preempted so much it would Attorney General can do. At a certain level."
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