Shiela Bair and banking officials spoke about the state of the real estate market. In her remarks Chairman Bair said that the current "robo-signing" situation underscored the severity of the financial crisis and that much more was needed to revitalize real estate markets.

Robo-signing refers to recent allegations that service providers were relying on shoddy documentation and skirting legal procedures, foreclosing on properties without sufficient authority, or even reading the relevant documents. These reports led three large money center banks to temporarily halt foreclosures and the sale of owned real estate as attorneys general called for a nationwide moratorium.