House Proceeding 03-05-09 on Mar 5th, 2009 :: 0:49:30 to 0:51:40
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0:49:27 to 0:49:48( Edit History Discussion )

Zoe Lofgren: the debtors need relief in bankruptcy, outside bankruptcy for the most part is not going to work. the chair: the gentlelady from california. ms. lofgren: i yield myself the remaing time. nearly six million households are facing the pobet of foreclosure in our country and as a result, responsible families who did everything right, who have a traditional

0:49:30 to 0:51:40( Edit History Discussion )
Speech By: Zoe Lofgren

0:49:49 to 0:50:09( Edit History Discussion )

Zoe Lofgren: mortgage, are facing foreclosure, or their neighborhoods are struggling. it's estimated that each foreclosed home reduces the price of the surrounding property, people who did nothing wrong, by 9% or sometimes more. that's when the meth dealers move in is the sometimes more

0:50:10 to 0:50:30( Edit History Discussion )

Zoe Lofgren: this bill takes a number of steps. we talked about bankruptcy, but that's just a small part of it. it provides a safe harbor for services to modify loans. it increases the fdic preferred rate for banks. but it also narrowly affects

0:50:31 to 0:50:53( Edit History Discussion )

Zoe Lofgren: the exemption for primary residences under chapter 13. as has been pointed out, speculators can go in to amenter 13 and get -- chapter 13 and get complete relief. it's only the individual home one whore is not able to get that relief. that's just not fair. there's no way you can possibly defend how that is fair, that the big guys and speculators

0:50:54 to 0:51:14( Edit History Discussion )

Zoe Lofgren: get their way, but the individual, struggling home one does not. we have worked very hard in these last few weeks to narrow this provision to listen to every objection that was made that was honestly made, that was credible, and to accommodate it. this amendment is a con

0:51:15 to 0:51:35( Edit History Discussion )

Zoe Lofgren: measure that makes the bill better. i urge its passage and yield back the balance of my time. the chair: the question is on amendment number one as modified. those in favor say aye. those opposed, no. in the opinion of the chair, the ayes have it. mr. goodlatte: on that, i ask

0:51:36 to 0:51:40( Edit History Discussion )

Zoe Lofgren: for a recorded vote. the chair: pursuant to clause 6