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House Proceeding 09-18-07 on Sep 18th, 2007 :: 0:22:24 to 0:32:01
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0:22:12 to 0:22:24( Edit History Discussion )

original bill for the purpose further amendment under the five-minute rule and shall be considered as read. all points of order against provisions in the bill as amended are waived. notwithstanding

Doris O. Matsui

0:22:24 to 0:22:34( Edit History Discussion )

Doris O. Matsui: clause 11 of rule 18, no further amendment to the bill as amended shall be in order except for those printed in part b of the report of the committee on rules. each further amendment may be offered

Doris O. Matsui

0:22:24 to 0:32:01( Edit History Discussion )
Speech By: Doris O. Matsui

Doris O. Matsui

0:22:34 to 0:22:46( Edit History Discussion )

Doris O. Matsui: only in the order printed in the report may be offered only by a member designated in the report shall be considered as read, shall be debatable for time specified in the report equallyivide

Doris O. Matsui

0:22:46 to 0:22:59( Edit History Discussion )

Doris O. Matsui: and controlled by the proponent and an opponent. shall not be subject to an amendment and shall not be subject to a demand for division of the question in the house or committee of the whole.

Doris O. Matsui

0:22:59 to 0:23:09( Edit History Discussion )

Doris O. Matsui: all points of order against su further amendments are waived except those arising under clause 9 or 10 of rule 21. at the conclusion of consideration of the bill for amendment, the committee shall

Doris O. Matsui

0:23:09 to 0:23:26( Edit History Discussion )

Doris O. Matsui: rise and report the bill as amended to the house with such further amendments as may have been adopted. the previous question shall be considered as ordered on the bill and amendments thereto

Doris O. Matsui

0:23:26 to 0:23:37( Edit History Discussion )

Doris O. Matsui: final passage without intervening motion except for one motion to recommit with or without instructions. section 2, during consideration in the house of h.r. 1852 pursuant to this resolution, no sw standing

Doris O. Matsui

0:23:37 to 0:23:50( Edit History Discussion )

Doris O. Matsui: the operation of the -- with stanting the operation of the previous question, the chair may postpone a time designated by the speaker. the speaker pro tempore: the gentlewoman from california is

Doris O. Matsui

0:23:50 to 0:24:00( Edit History Discussion )

Doris O. Matsui: recognized for one hour. ms. matsui: i yield the customary 30 minutes to the gentleman from texas, mr. sessions, i yield myself such time as i may consume. the speaker pro tempore: the gentlewoman

Doris O. Matsui

0:24:00 to 0:24:17( Edit History Discussion )

Doris O. Matsui: is recognized for such time as she may consume. ms. matsui: all time yielded is for the purpose of debate only. i ask unanimous consent to revise and extend my remarks. the speaker pro tempore:

Doris O. Matsui

0:24:17 to 0:24:27( Edit History Discussion )

Doris O. Matsui: without objection. ms. matsui: mr. speaker, as the clerk just head, h.r. 560 provides for consideration of h.r. 1852, the expanding american homeownership act under a structured rule. it allows

Doris O. Matsui

0:24:27 to 0:24:38( Edit History Discussion )

Doris O. Matsui: one hour of general debate. the rule makes in order seven amendments printed in the rules committee report. this bill is being considered under a structured rule that will allow the house to consider

Doris O. Matsui

0:24:38 to 0:24:52( Edit History Discussion )

Doris O. Matsui: amendments to address important ises with regard to this legislation. i look forward to the debate on the important issue before us today. i rise today in support of the rule providing for the

Doris O. Matsui

0:24:52 to 0:25:04( Edit History Discussion )

Doris O. Matsui: consideration of the expanding american homeownership act and for the underlying legislation. i thank subcommittee chairwoman waters for offering ts bill. i thank chairman frank and ranking

Doris O. Matsui

0:25:04 to 0:25:17( Edit History Discussion )

Doris O. Matsui: member bachus for their hard work, along with the other members of the financial services committee in bringing this important legislation to the floor. the bill underlined this house -- underlying

Doris O. Matsui

0:25:17 to 0:25:33( Edit History Discussion )

Doris O. Matsui: this house lution addresses an issue of critical important to our constituents and our economy, the subprime mortgage lending across. we are here today to consider reforming the federal housing

Doris O. Matsui

0:25:33 to 0:25:46( Edit History Discussion )

Doris O. Matsui: administration's loan policies as a means stemming the tide of foreclosures that have besieged our nation. owning a home is part of the american dream. but predatory lenders have been crushing

Doris O. Matsui

0:25:46 to 0:26:03( Edit History Discussion )

Doris O. Matsui: that dream by taking advantage of home buyers with damaged credit. lured by attractive initial terms, vulnerable home buyers who do not qualify for federally backed lns take on subprime mortgage

Doris O. Matsui

0:26:03 to 0:26:12( Edit History Discussion )

Doris O. Matsui: loans that they cannot afford. these loans come with escalating interest ratesings which start low and en-- rates, which start low and encourage overborrowing, the borrowers learn too late

Doris O. Matsui

0:26:12 to 0:26:26( Edit History Discussion )

Doris O. Matsui: when their homes are foreclosed upon that they will not be able to face the higher payments. we are faced with the unfortunate situation that our residents are losing homes in record numbers.

Doris O. Matsui

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

Doris O. Matsui: the increasing rate of foreclosure continues to make the news in california and across the nation. data released just last month show the rising foreclosure rates in cities across the country.

Doris O. Matsui

0:26:42 to 0:26:58( Edit History Discussion )

Doris O. Matsui: the numbers are as high as one foreclosure in every 27 households. that is not acceptable. and the housing market continues tsuffer, last week a report from my sacramento district cite add more than

0:26:58 to 0:27:14( Edit History Discussion )

13% -- cited a more than 13% drop in home prices in the last year. despite good economic growth in the region, the housing market is in trouble. many point to the subprime mortgage acrosses

Doris O. Matsui

0:27:14 to 0:27:26( Edit History Discussion )

Doris O. Matsui: to explain this. trends like this can be seen across the country, not just in sacramento. the administration wants to allow 80,000 people to refinance their loans through f.h.a. that is good. but

Doris O. Matsui

0:27:26 to 0:27:38( Edit History Discussion )

Doris O. Matsui: it is not going to address the scope of this problem. more than two million adjustable rate mortgages are up for a vote this fall, at which time their interest rates will increase. two million

Doris O. Matsui

0:27:38 to 0:27:49( Edit History Discussion )

Doris O. Matsui: mortgages. that is two million more families who will be at risk at losing their -- losing their homes if they cannot keep up with the higher payments. this pattern cannot continue. the

Doris O. Matsui

0:27:49 to 0:28:03( Edit History Discussion )

Doris O. Matsui: housing market crunch driven by the subprime mortgage lending troubles is making waves throughout the economy. over the past few months we have seen the federal reserve cut its discount rate and make

Doris O. Matsui

0:28:03 to 0:28:17( Edit History Discussion )

Doris O. Matsui: an additional $62 billion available to try to stablize the real estate financial market. last month, countrywide financial, the largest home mortgage learned, was trading at levels comparable

Doris O. Matsui

0:28:17 to 0:28:30( Edit History Discussion )

Doris O. Matsui: to junk bonds. and, lastly, a.i.g., the world's largest insurer and one of the biggest mortgage lenders stated that delinquencies and foreclosures are becoming more common among bore roars whose

Doris O. Matsui

0:28:30 to 0:28:42( Edit History Discussion )

Doris O. Matsui: credit rates -- borrowers, whose credit rates are just above subprime. it is not getting better. congress needs to act and we need to act now. the bill that we're considering will overhaul the federal

Doris O. Matsui

0:28:42 to 0:28:56( Edit History Discussion )

Doris O. Matsui: housing administration to make federally backed loans competitive with subprime and other nontraditional mortgage loans. we need to make sure the subprime mortgages are properly regulated to

Doris O. Matsui

0:28:56 to 0:29:10( Edit History Discussion )

Doris O. Matsui: get a home -- our home buyers into good loan and rein in predatory lenders. the bill authorizing f.h.a. to offer loans with little or no down payment and directs it to approve loans to borrowers

Doris O. Matsui

0:29:10 to 0:29:26( Edit History Discussion )

Doris O. Matsui: with higher credit risks than currently allow. it will allow f.h.a. to have introductory teaser rates advertise bid subprime lenders. the bill will raise the single family loan limit enabling

Doris O. Matsui

0:29:26 to 0:29:38( Edit History Discussion )

Doris O. Matsui: families who live in more expensive areas, such as california, to qualify for f.h.a. backed loans. the f. hamplet has no expenses in -- f.h.a. has no expenses in areas where it exceeds the

Doris O. Matsui

0:29:38 to 0:30:03( Edit History Discussion )

Doris O. Matsui: f.h.a. limits. increasing access to f.h.a. loans will give many thousands of our constituents the financial terms that they need to keep up with their payments and stave off foreclosure. furthermoreno

Doris O. Matsui

0:30:03 to 0:30:18( Edit History Discussion )

Doris O. Matsui: carrier seniors who home their home might need to mortgage their homes to pay for other expenses. this eliminates the cap on f.h.a., meets the needs of our growing seniors in hard financial

Doris O. Matsui

0:30:18 to 0:30:29( Edit History Discussion )

Doris O. Matsui: times. finally the legislation directs f.h.a. surplus funds to a housing counseling as well as to an affordable housing fund. the legislation will ensure that borrowers will achieve their

Doris O. Matsui

0:30:29 to 0:30:39( Edit History Discussion )

Doris O. Matsui: dream of owning a home as well as becoming educated about their mortgage options and what it will mean in the long term. the mortgage lending troubles are getting out of control. this bill will take

Doris O. Matsui

0:30:39 to 0:30:54( Edit History Discussion )

Doris O. Matsui: an important first step toward reining in a disturbingly high rate of foreclosure. later this week, chairman frank will hold a hearing with federal reserve chairman bernanke and other

Doris O. Matsui

0:30:54 to 0:31:07( Edit History Discussion )

Doris O. Matsui: administration officials to look for additional legislative and regulatory ways to ensuring this problem. to make sure that they're competitive in the market is a good start. this bill will ensure

Doris O. Matsui

0:31:07 to 0:31:19( Edit History Discussion )

Doris O. Matsui: that our fellow americans have better federally backed choices to buy a home. this bill will curtail the subprime lending and give more of our homeowners to more stable interest rates and

Doris O. Matsui

0:31:19 to 0:31:29( Edit History Discussion )

Doris O. Matsui: more transparent terms. this is a step in the right direction. this is a bipartisan issue. the house passed similar legislation in the 109th congress. this bill expands upon that legislation

Doris O. Matsui

0:31:29 to 0:31:50( Edit History Discussion )

Doris O. Matsui: reflective of the growing crisis. we need to pass this bill. our constituents need this bill to keep their homes, and we need to work with our colleagues in the senate to get this bill to the

Doris O. Matsui

0:31:50 to 0:32:01( Edit History Discussion )

Doris O. Matsui: president. i look forward to the debate on expanding horneship act and home that my -- homeownership act. i reserve the balance of my time. the speaker pro tempore: the gentlewoman reserves

Pete Sessions

0:32:01 to 0:32:11( Edit History Discussion )

Pete Sessions: the balance of her time. the gentleman from texas. mr. sessions: i rise in reluctant opposition to this unnecessary restrictive bill and to a number of the provisions including in the underlying

Pete Sessions

0:32:01 to 0:38:03( Edit History Discussion )
Speech By: Pete Sessions

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