House Proceeding 03-05-09 on Mar 5th, 2009 :: 0:42:15 to 0:42:50
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0:42:13 to 0:42:33( Edit History Discussion )

Zoe Lofgren: ms. lofgren: let me then mention one point that has been discussed which is the potential that enacting this legislation would somehow impact future interest rates for principal mortgages. i'd like to mention that mark sandy, senator john mccain's economic advisor in his campaign for president, said

0:42:15 to 0:42:50( Edit History Discussion )
Speech By: Zoe Lofgren

0:42:34 to 0:42:50( Edit History Discussion )

Zoe Lofgren: this, and i quote, given that the total cost of foreclosure to lenders is much greater than that of bankruptcy, there's no reason to expect that mortgage credit should rise. i think that this is a bogus argument. i think that if we don't act to