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House Proceeding 07-14-08 on Jul 14th, 2008 :: 0:39:10 to 0:42:26
Total video length: 45 minutes Stream Tools: Stream Overview | Edit Time

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Views:517 Duration: 0:03:16 Discussion

Previous speech:

Marcy Kaptur

0:33:31 to 0:39:10( Edit History Discussion )
Speech By: Marcy Kaptur

Marcy Kaptur

0:38:59 to 0:39:10( Edit History Discussion )

Marcy Kaptur: the lending industry is in favor of the thrust of the rule, and it's not as bad as they would get from the deal from congress, so at least for the time being, i think people will live with

Sue Wilkins Myrick

0:39:10 to 0:39:20( Edit History Discussion )

Sue Wilkins Myrick: it. one of the issues for lenders has been how do you define what's a subprime mortgage? and they feel that the definition that the fed has proposed, which has been drawn from other regulations,

Sue Wilkins Myrick

0:39:10 to 0:42:26( Edit History Discussion )
Speech By: Sue Wilkins Myrick

Sue Wilkins Myrick

0:39:20 to 0:39:29( Edit History Discussion )

Sue Wilkins Myrick: is too inclusive and would bring too many prime loans under these consumer protections. a couple advocate would argue, what's wrong with that? extending consumer protections to more people.

Sue Wilkins Myrick

0:39:29 to 0:39:41( Edit History Discussion )

Sue Wilkins Myrick: i think that when we see the final version of the rule come from the fed today, there's a chance that there could be some change in that regard from what was originally proposed. host:

Sue Wilkins Myrick

0:39:41 to 0:39:56( Edit History Discussion )

Sue Wilkins Myrick: and what kind of changes will you be looking for? guest: well, that would be the main issue. they're proposing to define the subprime mortgage based on the interest rate that's paid. the

Sue Wilkins Myrick

0:39:56 to 0:40:10( Edit History Discussion )

Sue Wilkins Myrick: lending industry hadn't liked that approach. or more specifically, hadn't liked the number that comes out. and so, it's based on the mortgage rate compared to treasury securities. and if that

Sue Wilkins Myrick

0:40:10 to 0:40:23( Edit History Discussion )

Sue Wilkins Myrick: index was made wider, it would allow more loans to come in under the threshold and not be subject to these new requirements. ememememememememememememememememememememememememor , , , , ,

Sue Wilkins Myrick

0:40:23 to 0:40:36( Edit History Discussion )

Sue Wilkins Myrick: , , , , , , , , , , loans to come in under the threshold and not be subject to these new requirements. host: this new fed rule, does it need congressional approval? guest: no, it doesn't.

Sue Wilkins Myrick

0:40:36 to 0:40:50( Edit History Discussion )

Sue Wilkins Myrick: and i think it's unlikely that it would face any kind of significant legal challenge. there is a whole second part to the rule that does not cover the subprime market but covers the mortgage industry

Sue Wilkins Myrick

0:40:50 to 0:41:02( Edit History Discussion )

Sue Wilkins Myrick: in general. it has some new consumer protectionings regarding compensation paid to mortgage brokers. i think the industry is going to pretty much sign off on that. there's some things they'd

Sue Wilkins Myrick

0:41:02 to 0:41:17( Edit History Discussion )

Sue Wilkins Myrick: like to see changed, but honestly, i'm not sure that they have that mu -- holy dog -- host: apologize for that. it's an open forum. new castle, virginia. guest: how come we're -- caller:

Sue Wilkins Myrick

0:41:17 to 0:41:30( Edit History Discussion )

Sue Wilkins Myrick: how come we're asking the tax payers to bail out the banks when the bank's presidents are getting richer than everybody else and they're not having to do anything? they walk away with millions

Sue Wilkins Myrick

0:41:30 to 0:41:53( Edit History Discussion )

Sue Wilkins Myrick: of dollars and everybody else loses. host: i think he's referring to our previous segment where we talked about fannie mae and freddie mac. what are your thoughts on that? guest: at this point,

Sue Wilkins Myrick

0:41:53 to 0:42:14( Edit History Discussion )

Sue Wilkins Myrick: i wouldn't describe it as a bail out. the government is sort of moving into position. in the event that it would have to step up and support these companies. it's the same argument that we

Sue Wilkins Myrick

0:42:14 to 0:42:26( Edit History Discussion )

Sue Wilkins Myrick: came up with in the bear stearns case, that there's simply too much havoc to be raised in the government doesn't support these companies. in this case, it's probably an even more extreme situation,

Hilda L. Solis

0:42:26 to 0:42:39( Edit History Discussion )

Hilda L. Solis: because fannie mae and freddie mac play such a huge role in the u.s. mortgage market. host: we saw the news of indymac last week. tell me if you could senator chuck schumer's role with what

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