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House Proceeding 05-07-09 on May 7th, 2009 :: 0:43:55 to 0:49:30
Total video length: 2 hours 19 minutes Stream Tools: Stream Overview | Edit Time

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Spencer Bachus

0:43:38 to 0:43:58( Edit History Discussion )

Spencer Bachus: will be postponed. it is now in order to consider amendment number 3 printed in house report 111-98. for gentleman from alabama rise? have an amendment at the desk that i ask to be made in order. it is under the rule. the chair: the clerk will designate the amendment. the clerk: amendment number 3

Spencer Bachus

0:43:55 to 0:49:30( Edit History Discussion )
Speech By: Spencer Bachus

Spencer Bachus

0:43:59 to 0:44:21( Edit History Discussion )

Spencer Bachus: printed in house report 111-98 offered by mr. bachus of alabama. the chair: pursuant to house resolution 406, the gentleman from alabama, mr. bachus, and a member opposed each will control five minutes. the chair recognizes the gentleman from alabama. mr. bachus: thank you. before i discuss my amendment i'd like to thank chairman

Spencer Bachus

0:44:22 to 0:44:42( Edit History Discussion )

Spencer Bachus: frank really first of all acknowledge his efforts over the past few years to combat predatory lending practices. and i think as early as 2005 he was aggressively trying to stop some of these practices.

Spencer Bachus

0:44:43 to 0:45:04( Edit History Discussion )

Spencer Bachus: i also appreciate the chairman's working with me to bring this amendment to the floor. originally my amendment funded foreclosure rescue scam awareness and prevention efforts. and that's what the amendment is about. it's about so-called foreclosure rescue scams.

Spencer Bachus

0:45:05 to 0:45:25( Edit History Discussion )

Spencer Bachus: i had proposed using money from the legal assistance fund and after consultation with chairman frank i revised my amendment to use the bill's counseling authorization as a funding source. and although the chairman and i disagree on the underlying merits of the bill, i do

Spencer Bachus

0:45:26 to 0:45:47( Edit History Discussion )

Spencer Bachus: appreciate the spirit of bipartisanship which the chairman has shown in our discussions on this amendment and the bill as a whole. and i earlier acknowledged your efforts since i think at least 2005 to come up with a bipartisan bill. i don't think we were successful this year, but i think had our efforts been

Spencer Bachus

0:45:48 to 0:46:10( Edit History Discussion )

Spencer Bachus: successful in prior years we could have avoided some of this. and i'm sorry the other body didn't show the urgency that we did. mr. chairman, members of the body -- mr. frank: will the gentleman yield. there's a lot of that going around. he said he's sorry the other body didn't move.

Spencer Bachus

0:46:11 to 0:46:32( Edit History Discussion )

Spencer Bachus: there's a lot of that going around. mr. bachus: he's right. there is. i tell the members, there's unprecedented number of homeowners that are delinquen on their mortgages and entering foreclosure. in fact the mortgage bankers association estimate at least

Spencer Bachus

0:46:33 to 0:46:53( Edit History Discussion )

Spencer Bachus: 11% of the mortgages now are delinquent and will probably go into foreclosure and this is creating really a desperate situation across the country. and unfortunately as all desperate situations this has crted an opportunity for scam artist to take advantage of

Spencer Bachus

0:46:54 to 0:47:14( Edit History Discussion )

Spencer Bachus: homeowners in situations through so-called foreclosure rescue schemes. my amendment will offer at least some protection to those homeowners from being victimized in this waysway. it's just amazing whether it was in katrina or other natural disasters or gas shortages that people seem to take advantage

Spencer Bachus

0:47:15 to 0:47:37( Edit History Discussion )

Spencer Bachus: and act their worse during times of struggle in crisis. this amendment allows mortgage servicers to work toward -- to work togethe neighborhood reinvestment corporation which is a congressional chartered

Spencer Bachus

0:47:38 to 0:48:00( Edit History Discussion )

Spencer Bachus: organization to make delinquent borrowers aware that they are targets of fraud. the amendment is funded by dedicating 10% othe funds authorized under section 404 to this much-need form of housing counseling. many scam artists use publicly available information about defaults and foreclosures

Spencer Bachus

0:48:01 to 0:48:21( Edit History Discussion )

Spencer Bachus: starts to contact troubled borrowers. in states with judicial foreclosures, lenders file the foreclosure action in a local court. and states where there's nonjudicial foreclosure regimes, lenders file a notice of default with the county or court. all these records are available to the public d provide raw

Spencer Bachus

0:48:22 to 0:48:42( Edit History Discussion )

Spencer Bachus: material for fraud artists to prey upon troubled borrowers. in a classic system borrowers are duped into paying upfront fees for a loan modification that never occurs. in some cases borrowers are told that in order to complete a mortgage refinancing needed to avoid foreclosure they must

Spencer Bachus

0:48:43 to 0:49:03( Edit History Discussion )

Spencer Bachus: sign over the title of the property. another scam promises homeowners they can stay in their home as renters and buy back their properties at a later date. on february 10, 2009, the administration released the home affordable refinance program and home modification program.

Spencer Bachus

0:49:04 to 0:49:24( Edit History Discussion )

Spencer Bachus: unfortunately with the introduction of these new programs, unscrupulous persons or companies have yet again found new opportunities to defraud unsuspecting borrowers. in fact, august 6, about a month ago, the treasury's fin

Spencer Bachus

0:49:25 to 0:49:30( Edit History Discussion )

Spencer Bachus: sen announced guidance to financial institutions on filing suspicious activity reports regarding loan

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