Elizabeth Warren "Let's sober up" on housing

Elizabeth Warren urging that we get realistic about expecations for loan modifications:
* 1 in 4 homeowners is underwater on their mortgages.
* For every 1 homeowner who got a loan modification last year, 10 lost their homes.
* We will not be able to save every homeowner; we are through the sub-prime we are into the prime mortgages now
* Lenders need to take cents on the dollar to get people into workable loans
* Even those who are able to modify their mortgages, 60% have a bunch of other consumer loans to juggle.
Watch the clip on Bloomberg here.