Video archive of the US Congress

House Proceeding 03-16-09 on Mar 16th, 2009 :: 0:55:20 to 1:01:25
Total video length: 2 hours 35 minutes Stream Tools: Stream Overview | Edit Time

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Donna M. Christensen

0:55:16 to 0:55:37( Edit History Discussion )

Donna M. Christensen: yield to one who has been so helpful during the c.b.c. who has provided me support and that is the the gentlewoman from virgin islands. mrs. christensen: thank you for organizing another time for us to speak to our colleagues and the american people on an issue

Donna M. Christensen

0:55:20 to 1:01:25( Edit History Discussion )
Speech By: Donna M. Christensen

Donna M. Christensen

0:55:38 to 0:55:58( Edit History Discussion )

Donna M. Christensen: of great importance and i want to thank chairwoman lee for her leadership and our colleagues who are joing us this evening and for their leadership and for introducing measures like the foreclosure prevention act of 2009 to be introduced by congresswoman clarke, who just spoke. mr. speake members of the congressional black caucus are

Donna M. Christensen

0:55:59 to 0:56:19( Edit History Discussion )

Donna M. Christensen: pleased that we are finally beginning to see what may be a glimmer of hope that we will be able to help our country and those most affected to climb out of a fiscal cris, a crisis caused by greed and the ones who have the most vulnerable consequences. one

Donna M. Christensen

0:56:20 to 0:56:40( Edit History Discussion )

Donna M. Christensen: the root cause of this current cris is the housing bubble and the way the subprime mortgages and the way those were pooled together and then securitized. the initial recommends showed up in government-sponsored enterprises and the banks, but the homeowners were left holding

Donna M. Christensen

0:56:41 to 0:57:02( Edit History Discussion )

Donna M. Christensen: the bag, an empty bag and unfortunately misplaced plame. at the height of the american dream, we st be the deem of owning a hom too many americans have seen this dream distorted by the unhealthy anti-regulation environment that gave lenders

Donna M. Christensen

0:57:03 to 0:57:24( Edit History Discussion )

Donna M. Christensen: free rein to push products to customer there were 2. million foreclosure filings last year. while some have blamed homeowners, the truth is average americans approached their bankers in an atmosphere of trust and vulnerability and most never imagined they would be approved if the leapeder didn't think they could keep up.

Donna M. Christensen

0:57:25 to 0:57:46( Edit History Discussion )

Donna M. Christensen: but this is not the time for blame, but time for action and i also rise to applaud president obama, the democratic-led congress, chairman barning barney frank and chairwoman maxine waters who have stimulated a campaign to help homeowners. president obama's comprehensive

Donna M. Christensen

0:57:47 to 0:58:07( Edit History Discussion )

Donna M. Christensen: homeowner affordability and stability plan will help stem foreclosures, keep families in their homes and stop the flung in home values to all homeowners. the president and this congress have moved to help those in bankruptcy get a loan modification agreement, to help those who are underwater and in need of nancing get a chance at a new start and those in danger of foreclosure to avoid

Donna M. Christensen

0:58:08 to 0:58:28( Edit History Discussion )

Donna M. Christensen: it all together to be able to work it out with their banks and lending institutions. the house has brought fairness to families by giving them the same rights. without spending one federal dollar it gives nkruptcy judges the chance to modify

Donna M. Christensen

0:58:29 to 0:58:50( Edit History Discussion )

Donna M. Christensen: existing mortgages who file chapter 13 so they can make payments and stay in their homes and gives confidences to lenders by protecting them from lawsuits and strengthens the f.h.a. hope for homeowners program by reducing fees. the obama administration revealed the details of other

Donna M. Christensen

0:58:51 to 0:59:12( Edit History Discussion )

Donna M. Christensen: parts of the recovery plan for homeowners aimed at helping those with existing fannie mae or freddie mac mortgages to refinance and those who are not yet in foreclosure, but are struggling to stay away from it, to get a modification from their lending institution. while the obama administration has made it clear that not everyone will qualify for help,

Donna M. Christensen

0:59:13 to 0:59:33( Edit History Discussion )

Donna M. Christensen: it is true millions can keep their homes, saving families, neighborhoods and communities and our economy from further decline. there are many people and organizations in addition to the leaders i named earlier who played a role and i would be remiss if i did not mention the

Donna M. Christensen

0:59:34 to 0:59:56( Edit History Discussion )

Donna M. Christensen: naacp's efforts. many have been devastated. they have filed suit against at least one bank targeting communities of color in subprime mortgages and we congratulate and stand with them. the congressional black caucus and the progressive caucus played roles to make sure that

Donna M. Christensen

0:59:57 to 1:00:17( Edit History Discussion )

Donna M. Christensen: it included the homeowner and meaningful remedies were put in place. these are meaningful steps to address the mortgage mess that has been the catalyst to a severe and economic downturn that has resonated globally. our president's plans and the laws we have passed will not only help everyone who is

Donna M. Christensen

1:00:18 to 1:00:38( Edit History Discussion )

Donna M. Christensen: threatened with foreclosure, but we hope many millions of homeowners who are in trouble will be able to keep their homes. we are concerned that some of the financial institutions have been turning down federal help because they don't like the strings that are attached, the oversight and the requirement for transparency. accountability and transparency is exactly what would have kept

Donna M. Christensen

1:00:39 to 1:01:01( Edit History Discussion )

Donna M. Christensen: us out of this mess and what is needed going forward whether they take the money or not. the white house, h.u.d., treasury and congress must must any authority we have to ensure that the financial institutions who have been the recipients of bailouts by the billions and even those who are refusing to ensure they will participate in the homeowner initiatives and

Donna M. Christensen

1:01:02 to 1:01:22( Edit History Discussion )

Donna M. Christensen: extend the lifeline that homeowners need and are praying for. fixing the root cause of the problem and making american homeowners whole again, restor what will restore confidences in our government's ability to put us on a stable economic course and put us on the road to financial recovery.

Donna M. Christensen

1:01:23 to 1:01:29( Edit History Discussion )

Donna M. Christensen: i'm ready to yield back the balance of my time and i thank

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