Video archive of the US Congress

House Proceeding 07-20-09 on Jul 20th, 2009 :: 0:12:00 to 0:17:20
Total video length: 2 hours 39 minutes Stream Tools: Stream Overview | Edit Time

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Maxine Waters

0:11:56 to 0:12:16( Edit History Discussion )

Maxine Waters: recognized for five minutes each. ms. woolsey of california. for what purpose does the gentlewoman from california rise? ms. waters: address the ho for five minutes. the speaker pro tempore: without objection, so ordered. ms. waters: thank you very much, madam speaker.

Maxine Waters

0:12:00 to 0:17:20( Edit History Discussion )
Speech By: Maxine Waters

Maxine Waters

0:12:17 to 0:12:38( Edit History Discussion )

Maxine Waters: i've long been an advocate of consumer protections and consumer rights and i'm proud of the work we have accomplished on these issues this session. laws such as the recently enacted credit cardholders bill of rights which i am an original co-sponsor, will have to ensure consumers have access to fair and easy to understand credit products.

Maxine Waters

0:12:39 to 0:12:59( Edit History Discussion )

Maxine Waters: that said, there's still much more work to be done in order to safeguard consumers from predatory and discriminatory lending products. this congress is about to embark up on the adoption of regulatory reform. we've had an economic meltdown and a subprime mess and we

Maxine Waters

0:13:00 to 0:13:22( Edit History Discussion )

Maxine Waters: discovered that our regulatory agencies were asleep at the wheel and we discovered that there had been deregulation that led us to the point of this economic meltdown. judging from the proliferation of products such as subprime mortgages and paybay -- payday

Maxine Waters

0:13:23 to 0:13:43( Edit History Discussion )

Maxine Waters: loans our regulatory framework does not adequately protect consumers. there are many reasons why we need a newonsumer protection agency. there will be a piece of legislation that will talk about how we do credible regulatory reform. but of all that's in the proposed legislation that's

Maxine Waters

0:13:44 to 0:14:05( Edit History Discussion )

Maxine Waters: being developed, we're getting a pushback from the financial services community from the consumer protection agency. why is that? why is it that, given what we have gone through, the financial services community can boldly and boldfacedly come before us and talk about why a

Maxine Waters

0:14:06 to 0:14:27( Edit History Discussion )

Maxine Waters: consumer financial protection agency is a bad idea? i suppose one of the reasons is jurisdictional. there are several types of consumer financial products which, because they're offered by nonbanks, fall into what may be classified as a shadow banking industry. these products and institutions escape federal regulation, yet

Maxine Waters

0:14:28 to 0:14:49( Edit History Discussion )

Maxine Waters: often lead to federal problems such as our current economic and foreclosure crisis. a prime example of this is mortgage servicing. important part of our housing market and consumers often have more contact with their mortgage servicers than with their mortgage broker. real estate agent, or bank

Maxine Waters

0:14:50 to 0:15:11( Edit History Discussion )

Maxine Waters: combine. however, lately, many services have been unable to properly assist consumers due to lack of capacity or perhaps of a will to do system of the servicers are the ones supposed to b doing loan modifications. they're supposed to be helping the consumers to unwind the

Maxine Waters

0:15:12 to 0:15:36( Edit History Discussion )

Maxine Waters: mess that many of them have found themselves into because of the predatory lending. there is currently no federal agency with specific jurisdiction over the mortgage servicing industry and therefore no mechanism for anyone to address this pressing issue. the proposed consumer financial protection agency would bring

Maxine Waters

0:15:37 to 0:15:57( Edit History Discussion )

Maxine Waters: nonbanks who offer financial services to and interact with consumers into our regulatory system. another reason we need a consumer financial protection agency is from complicated products and hidden and predatory fees. according to harvard professor

Maxine Waters

0:15:58 to 0:16:19( Edit History Discussion )

Maxine Waters: elizabeth warren, the average credit card offer comes bundled with more than 100 pages of fine print. buried within this fine print are provisions about restrictions, teaser rates, and penalties. this fine print is nearly impossible for consumers to make informed decisions and pick the credit card or other lending product which is right

Maxine Waters

0:16:20 to 0:16:43( Edit History Discussion )

Maxine Waters: for them this leads some borrowers to be trapped in credit cards or loan products with hidden and abusive fees this agency could solve this problem by working with the industry to reduce fine print and hidden fees. the final reason we need this new agency is stability. our financial markets are built on consumer lending.

Maxine Waters

0:16:44 to 0:17:06( Edit History Discussion )

Maxine Waters: our current crisis began when collateralized debt obligations and mortgage-backed securities were packed with exotic products such as no doc loans and liar loans. it was exacerbated as consumers were squeezed with excessive penalties and fees from bank products, leading mies

Maxine Waters

0:17:07 to 0:17:20( Edit History Discussion )

Maxine Waters: everywhere to make tough decisions. a strong regulator, one which cused solely on consumer safety and championed simpler disclosure and products could have prevented all of this we need a consumer financial

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