Video archive of the US Congress

House Proceeding 05-13-09 on May 13th, 2009 :: 1:42:30 to 1:45:00
Total video length: 3 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Michael R. Turner

1:42:26 to 1:42:46( Edit History Discussion )

Michael R. Turner: sell. in dayton, what has been the effect of this on home values? what has been the effect of this, of the foreclosure crisis on home values in dayton? mr. turner: it's gone down, and you make some excellent points. the counties in my district,

Michael R. Turner

1:42:30 to 1:45:00( Edit History Discussion )
Speech By: Michael R. Turner

Michael R. Turner

1:42:47 to 1:43:07( Edit History Discussion )

Michael R. Turner: we're not an area of the country that saw large spikes in prolt values. we had v appreciation. what happened, most of time, i believe in the montgomery county fair housing center has statistics where this has been proven out, is that through predatory lending practices and fraudulent lending practice, the loan to

Michael R. Turner

1:43:08 to 1:43:28( Edit History Discussion )

Michael R. Turner: va they would lend people more money than their house was worth. structurally, you cannot maintain that. you're going to have a foreclosure if someone leverages their entire equity. for example, someone might have a house worth $70,000. a lender says, it's worth $100,000.

Michael R. Turner

1:43:29 to 1:43:49( Edit History Discussion )

Michael R. Turner: i'll give you $10,000 cash out of your equity and charge them $15,000 in fees that are rolled up and capitalized into the loan so the family now has a $100,000 loan on a house worth $70,000 where they got $10,000 to send their kid to college or pay medical bills. but they're now sidews

Michael R. Turner

1:43:50 to 1:44:10( Edit History Discussion )

Michael R. Turner: because the house isn't really worth if you have then an economic event where they have difficulty making the mortgage pa when we had economic downturns. when he downturns before, people had their home, might be able to sell their home or make

Michael R. Turner

1:44:11 to 1:44:31( Edit History Discussion )

Michael R. Turner: payments on the lower value. once you have a loan on the house that's greater than its value, and you can't afford to pay the difference, you're going to walk away from it. what's really important is the people who live next to that house, who didn't have a

Michael R. Turner

1:44:32 to 1:44:52( Edit History Discussion )

Michael R. Turner: predatory loan who didn't take a loan out greater than their value now see their property values drop because the house next door to them is now abandoned. we have seen stagnation in property values and growth in the dayton area. some declines, people who live next to ho foreclosure see their property

Michael R. Turner

1:44:53 to 1:45:00( Edit History Discussion )

Michael R. Turner: values decline. it's something that doesn't just impact the family. these numbers here are people who have had their home where

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