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House Proceeding on Jan 15th, 2009 :: 1:46:00 to 1:51:05
Total video length: 2 hours 17 minutes Stream Tools: Stream Overview | Edit Time

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Michelle Marie Bachmann

1:45:46 to 1:46:10( Edit History Discussion )

Michelle Marie Bachmann: we were given a misprinted copy of the rules. i apologize. the copy of the rule we got was misprinted and the order was reversed. the chairman: without objection, the clerk will report the amendment. the clerk: amendment number 5 printed in house report 111-3 offered by mrs. bachmann of

Michelle Marie Bachmann

1:46:00 to 1:51:05( Edit History Discussion )
Speech By: Michelle Marie Bachmann

Michelle Marie Bachmann

1:46:11 to 1:46:32( Edit History Discussion )

Michelle Marie Bachmann: minnesota, the chairman: the gentlewoman from minnesota may continue. mrs. bachmann: mr. chairman, reclaiming my time. again, i rise to offer my amendment to h.r. 384, which would strike the bill's misguided provisions that would water the important taxpayer protections in the hope for homeowners program.

Michelle Marie Bachmann

1:46:33 to 1:46:54( Edit History Discussion )

Michelle Marie Bachmann: when the majority created this program, mr. chair, three months ago, it was not that long ago, mr. chair they promised that it would help a lofty families who were behind on mortgage payments and possibly facing foreclosure. this was a worthy goal, but it seals the majority created a

Michelle Marie Bachmann

1:46:55 to 1:47:15( Edit History Discussion )

Michelle Marie Bachmann: government program for which there has been very little public demand. with little over 300 applications in the pipeline, it's clear this program has been an enormous waste of time, of energy, of money and of other taxpayer resources. just 12 days ago, mr. chair, as

Michelle Marie Bachmann

1:47:16 to 1:47:36( Edit History Discussion )

Michelle Marie Bachmann: of january 3, 2009, the hope for homeowners program, which cost taxpayers 00 billion, could be credited with helping not 400,000 families, just 13 families actually refinning.

Michelle Marie Bachmann

1:47:37 to 1:47:57( Edit History Discussion )

Michelle Marie Bachmann: what will the majority do and say that their program is a success and not a boondoggle. we are seeing the answer before this body. my democrat colleagues are willing to strip out the essential taxpayer protections in an effort to spur more participation in this program. and mr. chair, we're talking

Michelle Marie Bachmann

1:47:58 to 1:48:18( Edit History Discussion )

Michelle Marie Bachmann: about taxpayer protection, which were already weak in their very best light in the underliing bill, they are virtually nonexist tant. the participants will not longer be required to pay upfront premiums. they will have no skin in the game, which were originally

Michelle Marie Bachmann

1:48:19 to 1:48:40( Edit History Discussion )

Michelle Marie Bachmann: required to help sustain this program. the annual premiums are significantly decreased under h.r. 384 and the federal housing administration has given the authority to waive them all together whenever they see fit. these two mechanisms were common sense. they were regularly touted, with all due respect by our chairman

Michelle Marie Bachmann

1:48:41 to 1:49:04( Edit History Discussion )

Michelle Marie Bachmann: and other supporters of hope for homeowners as important safeguards to protect the taxpayers when the program was established. we agreed to that. and yet today, they seek to eliminate those protections from title 5. title 5 removes the requirement in the current program that ensures taxpayers will receive a home equity appreciation share

Michelle Marie Bachmann

1:49:05 to 1:49:25( Edit History Discussion )

Michelle Marie Bachmann: as payment for the taxpayers' investment through hope for homeowners. in other words, people will be permitted to receive assistance from the government to pay their mortgages, but should their home values rise, they can make a profit and they won't have to give anything back to those same taxpayers who lent them a helping hand in the first place

Michelle Marie Bachmann

1:49:26 to 1:49:46( Edit History Discussion )

Michelle Marie Bachmann: to keep their home. our chairman again explained this issue best once upon a time when our chairman stated, you're not going to get a program approved that helps people finance their homes and allows them to turn around the following year and make a profit on that home. however, that's exactly the direction that the bill before

Michelle Marie Bachmann

1:49:47 to 1:50:07( Edit History Discussion )

Michelle Marie Bachmann: us, h.r. 384, takes through this program. the bill scales back the haircut that lenders must take to participate in hope for homeowners from 90% to 93% of the loan toll value ratio and removes the already weak taxpayer protection that are already in the program.

Michelle Marie Bachmann

1:50:08 to 1:50:30( Edit History Discussion )

Michelle Marie Bachmann: this provision also authorizes payments to services for every loan insured under the hope for homeowners program. while i had concerns that some services may may not be refinancing as quickly as they could, the bill's language is so vague and owe open-ended that services could be paid billions of dollars in return for

Michelle Marie Bachmann

1:50:31 to 1:50:52( Edit History Discussion )

Michelle Marie Bachmann: refinancing loans. this provision essentially increases the risk, the cost to the taxpayers, while reducing the burden on investors and services to submit bad loans to the government for modification, not the direction we want to go, i submit. title 5 allows taxpayer dollars authorized under tarp to be used to further fund hope for

Michelle Marie Bachmann

1:50:53 to 1:51:05( Edit History Discussion )

Michelle Marie Bachmann: homeowners should it run out of the 00 billion the program has already received. and what that means, this bill already gives an already failing government program an unlimited supply of tax dollars under tarp

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