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Video archive of the US Congress

House Proceeding 03-05-09 on Mar 5th, 2009 :: 0:37:55 to 0:39:50
Total video length: 1 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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Tom Price

0:37:51 to 0:38:12( Edit History Discussion )

Tom Price: that lenders can be trusted in this process. the chair: the gentleman's time has expired. mr. meek: we do have bad apples amongst the lending community w that i of my time. and i thank you, madam chair, for allowing me this minute. the chair: the gentleman from virginia. mr. goodlatte: this time i'm pleased to yield a minute and a half to the

Tom Price

0:37:55 to 0:39:50( Edit History Discussion )
Speech By: Tom Price

Tom Price

0:38:13 to 0:38:33( Edit History Discussion )

Tom Price: gentleman from georgia, mr. price. the chair: the gentleman is recognized for a minute and a half. mr. price: i tha the gentleman for yielding. i want to thank him for his leadership on this issue. i rise to just point out a couple fallacies in the arguments on the other side. i think it's important that everybody appreciate why this law is in place in the first place. why isn't cramdown allowed in a bankruptcy on a primary residence?

Tom Price

0:38:34 to 0:38:54( Edit History Discussion )

Tom Price: the reason, mr. chairman, as you well know, is that it's to encourage primary rest dents ownership. if lenders don't know what amount of principal they are going to be able to get back on any loan, then they will not be encouraged to loan men and women across this nation money to purchase a primary residence.

Tom Price

0:38:55 to 0:39:15( Edit History Discussion )

Tom Price: that's why. it's very simple. what this will do is make it s there will be less money available for homeowner purchasers. there will be less money available for individuals to gain their primary residence. higher interest rates wl certainly occur. the gentleman from vermont, i chuckled when he said that citigroup was supporting this.

Tom Price

0:39:16 to 0:39:36( Edit History Discussion )

Tom Price: well, as has been said in the past, mr. chairman, surprise, surprise, surprise. citigroup is supporting it because it gets billions of dollars from the federal government. what can it do? in this political economy under this leadership, administration, in this political economy politicians are directing the winners and losers, who gets monny, and

Tom Price

0:39:37 to 0:39:50( Edit History Discussion )

Tom Price: consequently citigroup can do nothing but support what this majority and this administration wants. it's a political economy it's not a market economy. we need to return to a market economy so that the american people can realize their hopes and dreams and make it so that

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