Elizabeth Warren, chair of the Congressional Oversight Panel for bank bailouts, provides the unvarnished truth about the nation’s foreclosure problem in this interview with CNBC today.

Says Warren to homeowners: “Some of you should stay in your homes…and some of you don’t belong in those homes and you’ve got to be moved out. And frankly, those houses need to get back onto the market and get into the hands of people who can afford them. In other words, acknowledge the problem, deal with it, write off the losses and start rebuilding an economy on solid ground.”