House Proceeding on Mar 5th, 2009 :: 1:12:45 to 1:14:34
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1:12:42 to 1:13:02( Edit History Discussion )

Zoe Lofgren: i wish we could have made the bill even better but thank you. mr. hastings: 30 seconds. the speaker pro tempore: the gentleman given an additional 30 seconds. mr. conyers: she's given me further instructions. i'll see what i can do between now and the time we introduce the manager's amendment. the speaker pro tempore: does the gentleman yield back his

1:12:45 to 1:14:34( Edit History Discussion )
Speech By: Zoe Lofgren

1:13:03 to 1:13:23( Edit History Discussion )

Zoe Lofgren: time? mr. conyers: yes, sir. the speaker pro tempore: the gentlelady from north carolina. msfoxx: thank you very much, mr. speaker. i now yield two minutes to my colleague from california, mr. lungren. the speaker pro tempore: the gentleman is recognized for two minutes. mr. lungren: i thank the gentlelady for yielding. mr. speaker, i come from the state of california which has been hit about as badly as any state in the union with the

1:13:24 to 1:13:44( Edit History Discussion )

Zoe Lofgren: burst of the housing bubble and particularly in my part of the state of california. so i know and im earnestly hopeful that we will enact legislation that will be of benefit to that phenomena that has occurred throughout this country. .

1:13:45 to 1:14:07( Edit History Discussion )

Zoe Lofgren: i rise in opposition of this rule and rise in opposition to this bill precisely of the inclusion of the bankruptcy cramdown consequences. the gentleman came to the floor, the gentleman from texas said we should treat this like other homes and other investment properties. it's an inept analogy.

1:14:08 to 1:14:28( Edit History Discussion )

Zoe Lofgren: if you look at chapter 13 and you have a cramdown on a vacation home from $500,000 to $500, it would have to be paid back within three to five years. that's not the proposal we have on the floor with respect to primary residence. that would be extended over 30 years. that will create an additional uncertainty in the marketplace

1:14:29 to 1:14:34( Edit History Discussion )

Zoe Lofgren: so that the accessibility, the eligibility and the lower rates that are now given in the arena