Video archive of the US Congress

House Proceeding 03-05-09 on Mar 5th, 2009 :: 0:45:50 to 0:48:15
Total video length: 1 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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Bob Goodlatte

0:45:46 to 0:46:06( Edit History Discussion )

Bob Goodlatte: these vacancies we limit the falling home values, which helps the portfolios of most lenders i know. the chair: the gentleman from virginia. mr. goodlatte: mr. chairman, at this point, i do not have any other speakers who appear to be arriving to i will go ahead and

Bob Goodlatte

0:45:50 to 0:48:15( Edit History Discussion )
Speech By: Bob Goodlatte

Bob Goodlatte

0:46:07 to 0:46:27( Edit History Discussion )

Bob Goodlatte: use thplans of my time. -- the balance of my time. i yield myself the remaining time. the chair: the gentleman is recognized. mr. goodlatte: mr. chairman, the bottom line in response to the gentleman from georgia's argument is that his case is the strongest one for leaving the bankruptcy laws the way they are because the incentives

Bob Goodlatte

0:46:28 to 0:46:49( Edit History Discussion )

Bob Goodlatte: already exist for them to avoid the cost that he described. so somebody who is struggling right now with their mortgage payments, the incentive exists for them to work with the financial institution and for the financial institution to work with them, so they don't face the uncertainties that occur in bankruptcy court.

Bob Goodlatte

0:46:50 to 0:47:10( Edit History Discussion )

Bob Goodlatte: so the bottom line is that what this is going to pass along to future peop whether the law is extended into the future or not, the cost borne by credit unions and community banks and others making these mortgages today, if they have to cover costs that are unanticipated when they made the mortgages,

Bob Goodlatte

0:47:11 to 0:47:31( Edit History Discussion )

Bob Goodlatte: they're going to have to pass them along in the future. to the extent that they can voluntarily work that out with the existing homeowner, that is the best solution. but that occurs right now and that incentive exists right now under the law. to change the law in the manner provided for here, even with

Bob Goodlatte

0:47:32 to 0:47:52( Edit History Discussion )

Bob Goodlatte: the changes in this amendment, does not work. it does not give the assurance to those who said there needs to be a second chance, a second opportunity to negotiate between the lender and the homeowner voluntarily because as i pointed out, earlier, any clever bankruptcy attorney will

Bob Goodlatte

0:47:53 to 0:48:14( Edit History Discussion )

Bob Goodlatte: advise his clients to simply wait until they're within 30 days of foreclosure, then they don't have to engage in that they can go straight to the bankruptcy court, bipass exactly happening, go to the court and see what they can accomplish there under this very, very harmful law from the standpoint

Bob Goodlatte

0:48:15 to 0:48:16( Edit History Discussion )

Bob Goodlatte: of the health of currently

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