Video archive of the US Congress

House Proceeding 02-26-09 on Feb 26th, 2009 :: 0:33:10 to 0:34:40
Total video length: 1 hours 17 minutes Stream Tools: Stream Overview | Edit Time

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James Jordan

0:33:04 to 0:33:24( Edit History Discussion )

James Jordan: mr. mr. jordan: i underand that. do you have additional speakers other than yourself, mr. chairman? mr. conyers: one member will close. mr. jordan: thank you, mr. speaker. mr. speaker, there's nothing in this bill that requires borrowers to attempt to work out

James Jordan

0:33:10 to 0:34:40( Edit History Discussion )
Speech By: James Jordan

James Jordan

0:33:25 to 0:33:45( Edit History Discussion )

James Jordan: a loan modification with their lender prior to bankruptcy. there's nothing in this bill that will limit bankruptcy relief to only those borrowers who are in danger of losing their homes because they have a subprime or nontraditional loan. in fact i offered this very amendment to limit the scope of the provision in committee. same amendment that was actually the bill that came out of committee last session. unfortunately that was defeated.

James Jordan

0:33:46 to 0:34:06( Edit History Discussion )

James Jordan: there's nothing in this bill that addresses the moral hazard of the bankruptcy provision also create by incentivizing home owntories file for bankruptcy so they can cram down their principal and receive a windfall when housing prices rise in the future. there is nothing in this bill that will place a sunset on the bankruptcy provisions so that this relief is limited to the current cris.

James Jordan

0:34:07 to 0:34:27( Edit History Discussion )

James Jordan: americans want solutions to this cris that do not abandon the accountability and that do not reward those who acted irresponsibly. think about this, 94% of mortgages are being paid on time. it is wrong to tell those individuals they are now going to have to in some way compensate or not be able to get credit in the future to accommodate those individuals, those 6% who have behaved in an

James Jordan

0:34:28 to 0:34:40( Edit History Discussion )

James Jordan: irresponsible fashion. bankruptcy cramdown is not such a solution. it absolves lenders and borrowers of the responsibility, passing that responsibility off on the taxpayers, those who borrowed responsibly, and those who will seek to borrow

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