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House Proceeding on Feb 26th, 2009 :: 0:45:10 to 0:51:10
Total video length: 1 hours 21 minutes Stream Tools: Stream Overview | Edit Time

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Virginia Foxx

0:45:07 to 0:45:27( Edit History Discussion )

Virginia Foxx: legislation, and end this anomaly in the bankruptcy code that affects only homeowners. let them as everyone else. i thank you. i yield back. the speaker pro tempore: the gentlelady from north carolina. ms. foxx: thank you, mr. speaker. mr. speaker, i mentioned before that 94% of the americapeople are paying their mortgages and they are paying them on time.

Virginia Foxx

0:45:10 to 0:51:10( Edit History Discussion )
Speech By: Virginia Foxx

Virginia Foxx

0:45:28 to 0:45:50( Edit History Discussion )

Virginia Foxx: and they don't understand what -- why this is happening. and why they should be be burdened with having to pay off the mortgages of people who aren't being responsible and aren't being held accountable. and i want to share with you an

Virginia Foxx

0:45:51 to 0:46:11( Edit History Discussion )

Virginia Foxx: article that came out of the "washington post" last december about the hope program and about the situation that we are dealing with. when i read the article, it made me realize that our colleagues across the aisle are simply not in touch with reality. they don't have any idea about how the real world works.

Virginia Foxx

0:46:12 to 0:46:32( Edit History Discussion )

Virginia Foxx: most of them haven't been in business. most of them haven't had to meet a payroll. and they -- they are living sort of in a never-never land. and i'm going to quote some things from this article that i think will help the public understand what that is. now, the criticism, there's

Virginia Foxx

0:46:33 to 0:46:54( Edit History Discussion )

Virginia Foxx: criticism about the bill from the h.u.d. secretary. now, that h.u.d. secretary was in the last administration, but he said that, and there's a lot of blame back and forth between congress and the executive branch, and what the h.u.d. secretary said, what most people don't understand is that this program was designed to the

Virginia Foxx

0:46:55 to 0:47:16( Edit History Discussion )

Virginia Foxx: detail by congress. so that bill was passed. the bill setting up the hope program, was passed under the democratic administration. it also -- under democratic congress. it also shows how off the numbers are in so many cases when they ma predictions. they said the three-year program

Virginia Foxx

0:47:17 to 0:47:39( Edit History Discussion )

Virginia Foxx: was supposed to help 400,000 borrowers avoidoreclosure. but between october and december of last year, only 312 applications had come in to the program. now, let me -- let m little bit about why that is the case and why i think that people

Virginia Foxx

0:47:40 to 0:48:00( Edit History Discussion )

Virginia Foxx: are -- who irresponsibly got mortgages to begin with continue to look for bailouts and continue to look for welfare. this is basically expanding the welfare program in our country by passing this bill. here's what one of the people who is working with those people

Virginia Foxx

0:48:01 to 0:48:21( Edit History Discussion )

Virginia Foxx: who might benefit from the program said. getting theenders to agree has been our biggest challenge said peyton herbert, director of the foreclosure services at home free u.s.a., a housing counseling firm in hyattsville. now, this is what he says.

Virginia Foxx

0:48:22 to 0:48:44( Edit History Discussion )

Virginia Foxx: this is the ridiculous way that these folks respond to this. he says, the lenders want dollar for dollar what's owed on that loan or something close to it. that's the fly in the ointment. imagine that. people who loan other people money want them to pay it back

Virginia Foxx

0:48:45 to 0:49:06( Edit History Discussion )

Virginia Foxx: dollar for dollar. isn't that an unusual situation? but that's the way most of us operate in this country. however most of these people who got these loans that are in trouble now got them because they never eected to pay them back. they expected somebody to bail them out

Virginia Foxx

0:49:07 to 0:49:28( Edit History Discussion )

Virginia Foxx: they weren't honest when they did the loans, and now they are going to be bailed out by this legislation. the other thing -- then the article says,t's just mind boggling to me, how the -- mind-boggl press writes these. number one impediment is the lenders will give the people --

Virginia Foxx

0:49:29 to 0:49:49( Edit History Discussion )

Virginia Foxx: redoheir loans if the people promise to pay them back. now, that's the way it usually operates. but the article goes on to say the list of impediments goes on. that's the attitude "washington post." there's an impediment given out there to the people who want to redo their loans. you know what that

Virginia Foxx

0:49:50 to 0:50:11( Edit History Discussion )

Virginia Foxx: is? the people who are getting these loans, if their home in value, they have to split -- that value with the federal government which is underwriting their loan if they sell the home. and the people don't want to do that.

Virginia Foxx

0:50:12 to 0:50:32( Edit History Discussion )

Virginia Foxx: ain, no sense of responsibility. we didn't hear the president the other night talk about personal responsibility, personal accountability. he uses those words a lot, but he never pins them on anybody. now, it's just unbelievable that that's the attitude that people have. they could be getting help out

Virginia Foxx

0:50:33 to 0:50:53( Edit History Discussion )

Virginia Foxx: of the hope program that already exists, but because they don't want to pay the money back and they don't want to share the increase in value if they ever sell the home with the federal government which is underwriting their mortgage. i think again they are living in a never never hand.

Virginia Foxx

0:50:54 to 0:51:10( Edit History Discussion )

Virginia Foxx: they think that land. they think they are getting this money for free. we are continuing the welfare mentality. we are going back to welfare that was done away with when the republicans took over the congress in 1995. that's not what the american peop

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