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House Proceeding on Feb 26th, 2009 :: 0:26:20 to 0:33:55
Total video length: 1 hours 21 minutes Stream Tools: Stream Overview | Edit Time

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Virginia Foxx

0:26:18 to 0:26:38( Edit History Discussion )

Virginia Foxx: and ensuring confidence in our banking system. mr. speaker, i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentlelady from north carolina. ms. foxx: thank you, mr. speaker. i thank my colleague from florida for yielding us the time on this rule.

Virginia Foxx

0:26:20 to 0:33:55( Edit History Discussion )
Speech By: Virginia Foxx

Virginia Foxx

0:26:39 to 0:26:59( Edit History Discussion )

Virginia Foxx: i also want to say that thank very much the chairman of the judiciary committee, mr. conyers, for his help yesterday in the rules committee meeting on incorporating a suggestion that i made into the manager's amendment. i didn't make it in the form of an amendment but he was very kind to include that and i think

Virginia Foxx

0:27:00 to 0:27:20( Edit History Discussion )

Virginia Foxx: it made this bad bill a bit better. i want to say that my colleague from florida has made some very eloquent comments about why this bill should -- why this rule should be adopted and why the underlying bill is such a goo bill.

Virginia Foxx

0:27:21 to 0:27:42( Edit History Discussion )

Virginia Foxx: however those of us on this side of the aisle have some clear concerns about this about the bill and what is going to be doing to our economy. we heard yesterday a lot of numbers that they were very, very difficult to pin down. in fact, i tried very hard

Virginia Foxx

0:27:43 to 0:28:03( Edit History Discussion )

Virginia Foxx: because knowing i was going to handle this rule this morning i wanted to try to get a handle on the number of people that we are talking about. we heard the numbers 14 million. we heard 14 million now and more later. but we also heard that what this

Virginia Foxx

0:28:04 to 0:28:24( Edit History Discussion )

Virginia Foxx: bill will do will be to allow the bankruptcy system to handle about 30,000 new cases per year. my guess is that while this bill claims not to be needing a lot more money in that area, that the aisle are going to come back

Virginia Foxx

0:28:25 to 0:28:46( Edit History Discussion )

Virginia Foxx: asking for more money to deal with this issue. but what i want to talk about today a little bit is both the process and about the reason why the rule should not be adopted and the bill should not be adopted. 94% of the people in this country are now paying tir mortgages and paying them on time. what's going to happen if this

Virginia Foxx

0:28:47 to 0:29:09( Edit History Discussion )

Virginia Foxx: bill is passed is that those people and people in the future are going to be punished. . we are going to punish the people who play by the rules and reward those that don't play by the rules. it is a real shame that we have come to that place in our

Virginia Foxx

0:29:10 to 0:29:31( Edit History Discussion )

Virginia Foxx: society because we don't want to set that as the norm for what we're doing in this country because we've always had the rule of law and we've operated very well. what separates us from most other countries is that, and now we're going to say to people it's ok if you go out and misrepresent your position

Virginia Foxx

0:29:32 to 0:29:54( Edit History Discussion )

Virginia Foxx: in terms of being able to pay for your mortgage or do any kinds of things like that and then we'll bail you out. it will be ok for us to do that. and that basically is what this bill is -- the message that we're sending. but let me talk just a bit about the process that was involved in bringing this rule to us. we had a very lively debate in

Virginia Foxx

0:29:55 to 0:30:15( Edit History Discussion )

Virginia Foxx: the rules committee yesterday. the chairman of the financial services committee told us that he was very willing to accept some of the amendments that had been offered. they might not exactly fit in the financial services committee, but he was willing to work with some of our members to make those fit. we had 20 amendments offered,

Virginia Foxx

0:30:16 to 0:30:39( Edit History Discussion )

Virginia Foxx: republicans did, only one of those amendments was accepted to be offered today andt looks like we may have a problem with that amendment once it is offered. we are trying very hard to be bipartisan. we want to work with the majority on helping the people in this country who are truly hurting, who have played by the

Virginia Foxx

0:30:40 to 0:31:00( Edit History Discussion )

Virginia Foxx: rules and who are being hurt by the economy through no fault of their own. however, what this bill, again, is going to do is, it is bipartisan. we have to be opposed to the rule and opposed to the bill because we -- they've put together bills that should not

Virginia Foxx

0:31:01 to 0:31:25( Edit History Discussion )

Virginia Foxx: be put together. many of us could probably support the financial services part of this bill, but we would be very concerned about the judiciary part of it. but no, the m mp them all together and create a situation that denies our ability to be bipartisan. a couple of the rules

Virginia Foxx

0:31:26 to 0:31:47( Edit History Discussion )

Virginia Foxx: offered yesterday various committees that chairman fra willing to have a debate on was a rule offered by representative neugebauer which would amend the service or safe harbor provisions to provide that unsuccessful plaintiffs would pay all the attorneys' fees and any costs incurred by

Virginia Foxx

0:31:48 to 0:32:09( Edit History Discussion )

Virginia Foxx: the defendant. another one by congresswoman kapp toe would exempt the -- capito would exempt the veterans' administration loan guarantee program from judgments to the -- from adjustnts to the terms of the bank loans. those are very, very lenient programs and supposedly all the

Virginia Foxx

0:32:10 to 0:32:30( Edit History Discussion )

Virginia Foxx: work has been done so there is no need to go to bankruptcy. also, congressman hensarling offered -- i offered on his behalf three excellent amendments that would, i think, help with the issue of responsibility and accountability. the p

Virginia Foxx

0:32:31 to 0:32:51( Edit History Discussion )

Virginia Foxx: that but when it comes down to implementing those things in legislation we see nothing coming from the majority on those issues. and let me mention the hensarling amendments which were denied. we can't even vote on. would exclude from participation in the hope for homeowners program any borrower

Virginia Foxx

0:32:52 to 0:33:13( Edit History Discussion )

Virginia Foxx: whose original loan was a zero down payment loan. many of these people are treating these homes that they bought like rental property. they have no investment in them and so when the economy goes south or the home is not worth as much as they thought it was worth they just walk awayrom it. that's no sense of responsibility.

Virginia Foxx

0:33:14 to 0:33:34( Edit History Discussion )

Virginia Foxx: irresponsibility. another amendment by congressman hensarling would exclude from participation in the hope for homeowners program any borrower whose original loan documentation did not amount and source of income. a lot of these loans were given out to people who could not -- who did not bring information

Virginia Foxx

0:33:35 to 0:33:55( Edit History Discussion )

Virginia Foxx: on their income. that seems a logical thing to do. mos paying their mortgages are people who paid something down and then were able to show that they could pay for the home ultimately. and then the third one would have excluded participation in the hope for homeowners program

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