House Proceeding 03-05-09 on Mar 5th, 2009 :: 0:12:50 to 0:16:15
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0:12:28 to 0:12:51( Edit History Discussion )

Zoe Lofgren: offered by ms. zoe lofgren as modified. the chair: the gentlewoman from california, ms. lofgren, and a member opposed, each will control 15 minutes. the chair recognizes the gentlewoman from california. ms. lofgren: i ask unanimous consent to revise and extend my remarks and i yield myself such time as i may consume.

0:12:50 to 0:16:15( Edit History Discussion )
Speech By: Zoe Lofgren

0:12:52 to 0:13:13( Edit History Discussion )

Zoe Lofgren: the chair: without objection. ms. lofgren: this important bill gives families whose home mortgage is in distress a better opportunity to come to terms with their lender to bring their mortgage in line with the interest market and prevailing values in the market. this is the same opportunity that owner of vacation

0:13:14 to 0:13:34( Edit History Discussion )

Zoe Lofgren: property, rental property, luxury jets have long enjoyed. i think it's only fair we offer to it families as well. the economic crisis engulfing this world had its start in the housing foreclosure crisis. the helping families safe their homes act will help.

0:13:35 to 0:13:56( Edit History Discussion )

Zoe Lofgren: we have benefited every step of the way from constructive engagement with members on and off the judiciary committee from lenders and brors, consumer groups, and bankruptcy judges and trustees. with their help, we've reached consensus on a series of changes cullmy nating in the manager's amendment before us today.

0:13:57 to 0:14:17( Edit History Discussion )

Zoe Lofgren: the amendment is the lofgren-tauscher-cardoza amendment and the changes that it encompasses make this a much better bill. under the amendment, a homeowners must notify the lender, submit financial records, and work in good faith for at least 30 days to try to modify a mortgage outside of

0:14:18 to 0:14:39( Edit History Discussion )

Zoe Lofgren: the bankruptcy using the obama mortgage modification plan outlined yesterday. we provide also that should those efforts not prove fruitful, and as a last resort, an individual end up in chapter 13 proceedings, that the court should utilize the obama mortgage modification guideline

0:14:40 to 0:15:01( Edit History Discussion )

Zoe Lofgren: as a guideline for the court in reviewing and helping a homeowner to meet obligations. we also have required that bankruptcy courts would use the f.h.a. appraisal guidelines and repayment plan, will have equal monthly mortgage payments. if a homeowner sells a home

0:15:02 to 0:15:23( Edit History Discussion )

Zoe Lofgren: while still under chapter 13 payment plan, the lender will share in the profit. that's only fair. the close for the time to the mortgage modification, the greater the lender's share and the manager's amendment increases the lender's share at each point over the amendment. home oners who engage in bad faith, such as filing for bankruptcy when they could really afford to pay their

0:15:24 to 0:15:44( Edit History Discussion )

Zoe Lofgren: mortgage, will be disqualified from assistance in chapter 13 and a special justice department task force is set up to investigate reports of mortgage fraud. these are in addition improvements made at earlier stages. the changes are described in the summary that was st to all of your officers today and which i have brought copies of

0:15:45 to 0:16:07( Edit History Discussion )

Zoe Lofgren: with me today. in short, we have sought to respond in a reasonable manner to every single concern brought to our attention. we have achieved a balance red form that will bring meaningful help to families in genuine need without costing taxpayers a dime. the bill is not going to usher in a rash of bankruptcy filings.

0:16:08 to 0:16:16( Edit History Discussion )

Zoe Lofgren: in fact, by setting up home oner-lender-negotiator process that begins well before bankruptcy, it's designed to keep more families out obankruptcy and out of