Video archive of the US Congress

House Proceeding 03-05-09 on Mar 5th, 2009 :: 0:52:00 to 0:55:15
Total video length: 1 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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Tom Price

0:51:41 to 0:52:02( Edit History Discussion )

Tom Price: of rule 18, further proceed option the amendment offered by the gentlewoman from california will be postponed. it is now in order to consider amendment number two printed in house report 111-21. for what purpose does the gentleman from georgia rise? mr. price: thank you, mr. chairman, i have an amendment

Tom Price

0:52:00 to 0:55:15( Edit History Discussion )
Speech By: Tom Price

Tom Price

0:52:03 to 0:52:24( Edit History Discussion )

Tom Price: made in order by the rule. the chair: the clerk will designate the amendment. the clerk: amendment number two, printed in house report 111-21, offered by mr. price of georgia. the chair: the gentleman from georgia, mr. price, and a member opposed, each will control five minutes. the chair recognizes the gentleman from georgia. mr. price: at a time when the

Tom Price

0:52:25 to 0:52:46( Edit History Discussion )

Tom Price: government is going to unprecedented lengths to stabilize the banking system, this legislation is shortsighted, untimely, unfair and counterproductive. while some might see cramdown as a quick fix in reality the legislation will have a cloist impact on generations to come. ranking member smith of the

Tom Price

0:52:47 to 0:53:07( Edit History Discussion )

Tom Price: judiciary committee sent a thoughtful letter to the administration raising concerns about the letter, saying it would lead to one, more cost by shifting wealth. two, the horde big banks of hundreds of billions of dollars

Tom Price

0:53:08 to 0:53:29( Edit History Discussion )

Tom Price: in capital, harming the efforts undertaken since stopet stabilize the financial market, and three, additional constriction in the housing market this punishes those who lived within their means by forcing them to subsidize those who made irresponsible choices. one of the many problems with this bill is it doesn't have any safe gards to prevent the

Tom Price

0:53:30 to 0:53:50( Edit History Discussion )

Tom Price: people who profited from risky behavior from further benefiting at taayer expense. the text would allow for a partial payback of the cramdown amount if the house is sold within four years of the modification. the manager's amendment barely changes the language already in the bill by extend big one year

Tom Price

0:53:51 to 0:54:11( Edit History Discussion )

Tom Price: and 10% the possible partial recapture. if a mortgagee shares his or her home six years after cram coun at a profit, he or she can pocket all the difference. no one should be able to profit off a bankruptcy proceeding. bankruptcy should not been an opportunity to gain the sysm. hence my amendment. it would prevent this happening

Tom Price

0:54:12 to 0:54:34( Edit History Discussion )

Tom Price: by saying if a home one whore had a mortgage modified in a bankruptcy proceeding sells the home at the profit, the lender, the individuals originally at risk for the money, may recapture the amount of principal lost in the modification or cramdown by 3uing a lend for the position of hedging against cramdown losses this will raise interest

Tom Price

0:54:35 to 0:54:55( Edit History Discussion )

Tom Price: rates for the individual whose tax dollars are paying these government bailouts. some suggest it may raise interest rates as much as two percentage points. the 98% of homeowners working to pay off their mortgage should not be forced to pay off the mistakes o irresponsible borrowing or lending. by restoring to the lender the

Tom Price

0:54:56 to 0:55:15( Edit History Discussion )

Tom Price: money owed them we mitt gate the amount needed to raise interest rates on responsible homeowners. this bill is yet another joe the plumber moment here in this congress, providing for the redistribution of wealth from responsible, accountable taxpayers to borrowers and lenders who will not be held accountable. president obama has spoken pe

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