Video archive of the US Congress

House Proceeding 05-07-09 on May 7th, 2009 :: 1:56:10 to 1:59:30
Total video length: 2 hours 19 minutes Stream Tools: Stream Overview | Edit Time

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Randy Neugebauer

1:56:07 to 1:56:27( Edit History Discussion )

Randy Neugebauer: i would like to thank chairman frank, mr. watt, and mr. miller for their dedication and persistence on this important piece of legislation. and chairwoman slaughter for accepting our amendment as part of the order. thank you, mr. chairman. i reserve the balance of my time. the chair: the gentlewoman reserves the balance of her time. for what purpose does the gentleman from texas rise? mr. neugebauer: i rise in opposition to the amendment. the chair: the gentleman from texas is recognized for five

Randy Neugebauer

1:56:10 to 1:59:30( Edit History Discussion )
Speech By: Randy Neugebauer

Randy Neugebauer

1:56:28 to 1:56:49( Edit History Discussion )

Randy Neugebauer: minutes. mr. neugebauer: thank you, mr. chairman. i appreciate the spirit by which the gentlewoman is introducing this amendment. but what we are all trying to do with disclosure i think is simplify it in a way that consumers actually understand the terms and conditions of the contract. i have worked with

Randy Neugebauer

1:56:50 to 1:57:10( Edit History Discussion )

Randy Neugebauer: representative biggert and congresswoman -- congressman hinojosa to ensure that h.u.d., for example, and the fed work together to have a simple disclosure that is uniform and universal so that when people are taking credit out, they understand the terms and conditions of that. it's the same terms and

Randy Neugebauer

1:57:11 to 1:57:31( Edit History Discussion )

Randy Neugebauer: conditions they are presented when they get to closing. what the gentlewoman's amendment says offered or discussed are referred by the originator must be put in this spread sheet. what does that mean? that means that in order to cut down on the amendment of paperwork that an originator is

Randy Neugebauer

1:57:32 to 1:57:52( Edit History Discussion )

Randy Neugebauer: going to want to do, they are not going to discuss very many options. and they are going to be asked to make assumptions of what are the benefits of a particular product over the other product. one of the things that we -- this bill does, it direction to begin to simplify that disclosure process, and now we are kind of truncating that

Randy Neugebauer

1:57:53 to 1:58:14( Edit History Discussion )

Randy Neugebauer: with this new disclosure. now we are going to add another piece of paper. i would submit to you at a lot of people took on mortgages that they didn't understand the terms and conditions of. i don't know that there was any predatory lending necessarily going on. in some case there is may have been. but in many cases disclosures are very hard to

Randy Neugebauer

1:58:15 to 1:58:35( Edit History Discussion )

Randy Neugebauer: read. they are multipages. and the terms and conditions, unless you read many, many you didn't understand, the things i believe is the bt way to do that is to -- on a one-page form you have all of the important conditions of this loan so that the person that's taking out that mortgage, understands what they are getting.

Randy Neugebauer

1:58:36 to 1:58:56( Edit History Discussion )

Randy Neugebauer: i think we are going down a road here of what's going to happen in this legislation if this amendment is passed. we are going to tell the american people the government knows best what mortgage you should take out because we are going to make it so onerous for originators to display their products and to sit down and

Randy Neugebauer

1:58:57 to 1:59:18( Edit History Discussion )

Randy Neugebauer: counsel with their prospective borrowers that they are going to only give them one choice. in fact i think in many ways that's what this bill does is it begins to say the federal government is going to tell you what kind of mortgage that you should have. that's not the role of the federal government. the role of the federal government here is to make sure that there's a fair and ethical practice going on and not for

Randy Neugebauer

1:59:19 to 1:59:30( Edit History Discussion )

Randy Neugebauer: the federal government or to force originators of mortgages to be telling borrowers kind of mortgages they should take out because they are afraid they'll fall under some of the provisions of this bill.

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