Video archive of the US Congress

House Proceeding on May 7th, 2009 :: 1:07:10 to 1:10:55
Total video length: 1 hours 22 minutes Stream Tools: Stream Overview | Edit Time

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Jesse L. Jr.Jackson

1:07:07 to 1:07:27( Edit History Discussion )

Jesse L. Jr.Jackson: money. today each one of us can go on record saying we will no longer set the bar so low but will require -- the speaker pro tempore: the gentlewoman's time has expired. the gentleman from california. mr. cardoza: madam speaker, i yield three minutes to the gentlewoman from texas, ms. jackson lee.

Jesse L. Jr.Jackson

1:07:10 to 1:10:55( Edit History Discussion )
Speech By: Jesse L. Jr.Jackson

Jesse L. Jr.Jackson

1:07:28 to 1:07:49( Edit History Discussion )

Jesse L. Jr.Jackson: the speaker pro tempore: the gentlewoman from texas is recognized for three minutes. ms. ja revise and extend. the speaker pro tempore: without objection, so ordered. ms. jackson lee: let me thank the gentleman from california for his leadership and his personal commitment to these issues. it is interesting to hear a good fri

Jesse L. Jr.Jackson

1:07:50 to 1:08:12( Edit History Discussion )

Jesse L. Jr.Jackson: of the aisle talk about protecting the taxpayers' money. in fact, this week this congress, this new leadership has done just that. last week we passed the credit card bill of rights. as a member of the house judiciary committee i was pleased we passed a judiciary bill protecting taxpayers

Jesse L. Jr.Jackson

1:08:13 to 1:08:33( Edit History Discussion )

Jesse L. Jr.Jackson: against fraud perspectively. and now we stand on the floor today protecting taxpayers and future homeowners and homeowners again with mortgage lending reform in 1728. i wonder if any of us can recall the peaking of the cris dealing with mortgage foreclosures.

Jesse L. Jr.Jackson

1:08:34 to 1:08:55( Edit History Discussion )

Jesse L. Jr.Jackson: those of us who represent our constituents certainly can. i can pointedly in a hearing about three or four years ago in the lower end of manhattan when i listened near wall street in a church to homeowners in that community or in new york speaking about this thing called subprime and adjustable rate. a transit worker who had

Jesse L. Jr.Jackson

1:08:56 to 1:09:16( Edit History Discussion )

Jesse L. Jr.Jackson: purchased a home and was paying a $3,000 a month mortgage and all of a sudde $6,000 a month. how many stories like that? and how many times can members or oice point to the actual beneficiary or the mortgagee at fault?

Jesse L. Jr.Jackson

1:09:17 to 1:09:38( Edit History Discussion )

Jesse L. Jr.Jackson: how many times can we blame the hardworking american taxpayer who simply tried to get a home? how many times can we blame them for papers that they signed that were then altered ultimately? how many times can we blame the innocent who has paid over and over again the cafeteria worker who had been in an apartment

Jesse L. Jr.Jackson

1:09:39 to 1:09:59( Edit History Discussion )

Jesse L. Jr.Jackson: for 20 years but the particular financial entity that she dealt with said, yes, you can get into this home and she had been making payments . but with the economy she fel on hard times. or the person who was divorced or catastrophic illness? but because their mortgage was fraudulently done they suffered the consequences. so i support this rule and the

Jesse L. Jr.Jackson

1:10:00 to 1:10:20( Edit History Discussion )

Jesse L. Jr.Jackson: underlying bill because it will protect this structure of buying a house. borrowers can repay the loans they are sold. mortgage lenders make loans that benefit the consumer and prohibit them from steering borrowers into higher costs. why isn't that protecting the taxpayer? all mortgage refinancing provides a net tangible benefit in the consumer. the secondary mortgage market

Jesse L. Jr.Jackson

1:10:21 to 1:10:41( Edit History Discussion )

Jesse L. Jr.Jackson: for the first time ever is responsible for complying with commonsense standards. and so we don't have this horrible grid that shows us that it's been going up and up and up. madam speaker, i think it's important to acknowledge that we have made this bill better. and i'm glad that my amendment is in the manager's amendment that indicates in the case of a

Jesse L. Jr.Jackson

1:10:42 to 1:10:55( Edit History Discussion )

Jesse L. Jr.Jackson: residential mortgage -- can i get an additional one minute? mr. cardoza: yield the gentlelady an additional 15 seconds. the speaker pro tempore: the gentlelady has seconds. jackson lee yeel in the case of the residential mortgage loan, the total amount of interest

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