Video archive of the US Congress

House Proceeding on Feb 26th, 2009 :: 0:35:05 to 0:37:55
Total video length: 1 hours 21 minutes Stream Tools: Stream Overview | Edit Time

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Kathy Castor

0:35:01 to 0:35:21( Edit History Discussion )

Kathy Castor: ms. castor: i thank my good friend from florida, mr. hastings, for yielding me time. mr. speaker, i rise today in strong support of the helping e r s and this rule. this act throws a lifeline to families who are fighting to stay in their homes during this econic crisis. now, as mr. hastings knows, we have a vy high rate of foreclosures in the state of florida.

Kathy Castor

0:35:05 to 0:37:55( Edit History Discussion )
Speech By: Kathy Castor

Kathy Castor

0:35:22 to 0:35:42( Edit History Discussion )

Kathy Castor: and my tampa bay area community has been particularly hard hit. that is why last year i began holding foreclosure prevention workshops. so that homeowners could sit down face to face with lenders and servicers and work out a refinancing. i'm planning my fourth workshop now. these homeowners appreciate the

Kathy Castor

0:35:43 to 0:36:03( Edit History Discussion )

Kathy Castor: opportunity to sit down one-on-one because most of the time they have a very difficult time getting in touch with the lender or servicer. they won't answer the phone. i know many in the banking industry do not like this bankruptcy provision that

Kathy Castor

0:36:04 to 0:36:25( Edit History Discussion )

Kathy Castor: allows banuptcy judges to modify home loans. but frankly, they've brought this on themselves to a great extent. i encourage you all to check the video of congresswoman maxine waters staying on the phone for an hour just trying to get a bank to answer the phone and pick up the line so that a responsible homeowner

Kathy Castor

0:36:26 to 0:36:47( Edit History Discussion )

Kathy Castor: can get into a refinance. they don't want to bail out. they just want a little breathing room and the opportunity to refinance. this act today will help. it won't help everyone, but it will also provide a prod, an incentive to these ban to refinance these loans.

Kathy Castor

0:36:48 to 0:37:08( Edit History Discussion )

Kathy Castor: it's fair and equitable to allow home loan modifications because right now in bankruptcy every other asset can ble -- can be worked out. the new law would allow loan modifications in bankruptcies and it will prod the lenders and servicers to hire the personnel to answer the phone, begin the refinancing they

Kathy Castor

0:37:09 to 0:37:31( Edit History Discussion )

Kathy Castor: should have been done over the past year. you know, many of these banks have received billions in taxpayers dollars, and i know that president bush did not includa condition that these banks should refinance or sit down with folks and begin a discussion. but that must be a requirement now or else foreclosures and the continued deterioration of all of our property values will

Kathy Castor

0:37:32 to 0:37:52( Edit History Discussion )

Kathy Castor: continue. president obama's plan also will provide responsible homeowners with additional leverage. and congresswoman doris matsui from california and i have an amendment contained in this act that will encourage a holiday for foreclosures until president obama's plan takes effect. we're going to continue to stand up for responsible

Kathy Castor

0:37:53 to 0:37:55( Edit History Discussion )

Kathy Castor: families andnsure that if you work hard and you play by the

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