Video archive of the US Congress

House Proceeding on May 7th, 2009 :: 0:38:50 to 0:40:55
Total video length: 1 hours 22 minutes Stream Tools: Stream Overview | Edit Time

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Doris O. Matsui

0:38:46 to 0:39:07( Edit History Discussion )

Doris O. Matsui: madam speaker, i'd now like yield three minutes to the gentlewoman from california, my colleague on the rules committee, ms. matsui. the speaker pro tempore: the gentlewoman from california is recognized for three minutes. ms. matsui: i thank the gentleman from california for yielding me time. madam speaker, i rise today in support of the rule and the underlying legislation, the mortgage reform and anti-predator 2009.

Doris O. Matsui

0:38:50 to 0:40:55( Edit History Discussion )
Speech By: Doris O. Matsui

Doris O. Matsui

0:39:08 to 0:39:28( Edit History Discussion )

Doris O. Matsui: the subprime housing cris is the root cause of the current economic recession. it has led to the collapse of our financial system, increasing unemployment and the housing and credit cris. even more so, it has had a devastating affect on our families, our neighbors and our communities. my home district of sacramento ranks among the hardest hit

Doris O. Matsui

0:39:29 to 0:39:51( Edit History Discussion )

Doris O. Matsui: areas in the country. i've heard countless stories from my constituents who've been victims of predatory lending and were steered into high cost bad loans. now, many of these homeowners are seeking assistance and modifying their loans to more affordable loan terms. yet, many of these individuals are now being tripped by scam

Doris O. Matsui

0:39:52 to 0:40:12( Edit History Discussion )

Doris O. Matsui: artists posing as so-called foreclosure consultants. as such, i have an amendment that has been included in the manager's amendment, and i thank the chairman very much for including this. the amendment directs the g.a.o. to conduct a study of current government efforts to combat fraudulent foreclosure rescue and loan modification scams and to educate consumers

Doris O. Matsui

0:40:13 to 0:40:33( Edit History Discussion )

Doris O. Matsui: of tse scams. i will also soon be introducing legislation to direct the f.t.c. to use its authority to initiate a rulemaking process relating to unfair or deceptive practices and foreclosure rescue. madam speaker, these harmful activities must end. this bill is a step in the

Doris O. Matsui

0:40:34 to 0:40:54( Edit History Discussion )

Doris O. Matsui: right direction. the bill establishes standards for home loans while holding lenders and brokers accountable. it also prevents lenders and brokers from steering future homeowners to higcost subprime loans just to make a quick extra buck. madam spear, congress needs to partners with the communities in which we serve.

Doris O. Matsui

0:40:55 to 0:40:56( Edit History Discussion )

Doris O. Matsui: we must continue to work

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