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Solidifying of the middle class in the 20th century. we need to see that happen again in the 21st because if we don't we will not be at our strongest. the president wants to focus on what we can do to help the middle class. >> let's go specifically what can be done, i know you can't take the speech apart but thematically here, middle class families, the redefault rate on mortgages even after modified very high, the ability to get their kid to colleges, getting screwed up down there in congress. is the president going to offer a solution for mortgage stress? is there a new answer for these coll...

Teeth. and no one is really having a meaningful discussion with them about this. if we stop the foreclosures, we give the chance, housing market a chance to come back, get its breath and that'll begin to lead us out of this from my perspective. i don't say this with false modesty. i'm just an attorney general. >> you're just a country lawyer. >> stop it. now, beau, the preforeclosure face to faces are they having an impact, the desired one? >> they are. philadelphia model based on the philadelphia model and connecticut model we see a low redefault rate. if we modify they're going to reredefaul...

Inevitable and the inevitable being a short sale, or a foreclosure. >> those are the real estate business say the evidence shows the banks are right now just working through a large backlog of foreclosures, which is why we saw the numbers change. we could see a spike in foreclosure numbers once again. according to a joint report released this week by the office of the comptroller of the currency and the office of thrift supervision, the redefault rate of loans modified in the first quarter of 2009 was 51.5%. >> last year we saw the number of households receiving a foreclosure notice jump from ...

Whether this has peaked yet and it's going to be a tough year regardless. whether it's peaked is irrelevant. a lot of foreclosures this year. a lot of people are in homes they couldn't afford in the physical place. a big problem to start with, and trying to help these people out is a really tough problem, because really they still can't afford these properties. a lot of mortgages, people end up defaulting on them again. the redefault rate is like 50%. it's a problem. >> true for a lot of people out there. does this mean from the buyers' side, be wary or look again into the market? >> it's been...