Video archive of the US Congress

House Proceeding on Jul 29th, 2009 :: 0:41:40 to 0:44:40
Total video length: 2 hours 45 minutes Stream Tools: Stream Overview | Edit Time

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Judy Biggert

0:41:37 to 0:41:57( Edit History Discussion )

Judy Biggert: end quote. and i couldn't agree more, mr. chairman. and i urge my colleagues to support h.r. 3330 to improve oversight of our financial agencies. i reserve the balance of my time. the speaker pro tempore: the gentleman from kansas reserves the balance of his time. the gentleman from new york. mr. lee: i'd like to yield three minutes to the gentlelady from the fine state of

Judy Biggert

0:41:40 to 0:44:40( Edit History Discussion )
Speech By: Judy Biggert

Judy Biggert

0:41:58 to 0:42:19( Edit History Discussion )

Judy Biggert: illinois. the speaker pro tempore: the gentlelady from illinois is recognized for three minutes. mrs. biggert: i thank the gentleman for yielding. mr. speaker, i rise in support of the improved oversight by financial inspectors general act of 2009. i'd like to thank my colleagues, mr. iehaus and mr. lee for introducing this bill, and thank the chairman of the oversight investigation subcommittee, mr. moore, for his work on this issue.

Judy Biggert

0:42:20 to 0:42:41( Edit History Discussion )

Judy Biggert: h.r. 330 makes technical corrections that trigger inspectors general to launch an investigation in the failure of a financial institution. financial inspectors general must dedicate resources and personnel to investigate failures, like that of a.i.g., because their findings can present critical evidence about what caused the financial crises.

Judy Biggert

0:42:42 to 0:43:03( Edit History Discussion )

Judy Biggert: congress, federal regulators and the administration can then better target reforms to our broken financial regulatory system. in may, the financial services committee on oversight and investigations held a hearing on the role of financial services inspectors general. we heard from inspectors general about their difficult task to tackle the waste, fraud

Judy Biggert

0:43:04 to 0:43:26( Edit History Discussion )

Judy Biggert: and abuse that is at the heart of our financial crisis. fraud and abuse were two of many significant factors that contributed to the financial cris, especially in chicago. in march, the u.s. attorney general in chicago, patrick fitzgerald, brought mortgage fraud indictments against two dozen players. they are brokers, accountants,

Judy Biggert

0:43:27 to 0:43:47( Edit History Discussion )

Judy Biggert: loan officers, processors and attorneys. mortgage fraud comes in all shapes and sizes. scam artists inflate appraisals, flip properties and lie about information including income and identity on loan applications. some use the identity of deceased people to obtain mortgages, and other desrate thieves built out of their

Judy Biggert

0:43:48 to 0:44:08( Edit History Discussion )

Judy Biggert: homes and home equity the most vulnerable homeowners and seniors in dire financial straits. to get the economy back on track and credit flowing again, we have to address what was at the root of the mortgage meltdown in the first place and that is mortgage fraud. inspector generals hold key

Judy Biggert

0:44:09 to 0:44:29( Edit History Discussion )

Judy Biggert: positions to investigate mortgage fraud and get to the bottom of the turmoil that plagues today's financial markets. what went wrong? who broke the law? where were the laws enforced? were laws and regulations adequate? to restore confidence in our markets and address any failings in our system of regulation, including enforcement, we must determine

Judy Biggert

0:44:30 to 0:44:41( Edit History Discussion )

Judy Biggert: the answer to these questions. the sooner we get to the root of these matters, the sooner we can get the financial institutions off t federal dole and our financial markets and economy back on track.

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