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House Proceeding on Oct 2nd, 2008 :: 0:43:30 to 0:48:52
Total video length: 1 hours 52 minutes Stream Tools: Stream Overview | Edit Time

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0:20:00 to 1:52:13( Edit History Discussion )

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John Jr.Conyers

0:43:10 to 0:43:30( Edit History Discussion )

John Jr.Conyers: that we face when the government owns the whole mortgage, all of the mortgage. because securities are being purchased, because the ready markets are frozen, we won't necessarily own all the

Janice D. Schakowsky

0:43:30 to 0:43:45( Edit History Discussion )

Janice D. Schakowsky: mortgages in eve ry case, and half of the subprimes have second and thi mortgages that will be able to defeat any effort to renegotiate. i think that moving a narrowly crafted for subprime only mortgage

Janice D. Schakowsky

0:43:30 to 0:48:52( Edit History Discussion )
Speech By: Janice D. Schakowsky

Janice D. Schakowsky

0:43:45 to 0:44:04( Edit History Discussion )

Janice D. Schakowsky: primary residence mortgage measure either laettner this congress or early next -- later in this congress or early next might be something that could avoid the $2.1 trillion in mortgages that

Janice D. Schakowsky

0:44:04 to 0:44:17( Edit History Discussion )

Janice D. Schakowsky: are set to reset and certainly a are at risk of default in the next 18 months. i am just stating here today, i think we have an opportunity to accomplish that working across the aisle and

Janice D. Schakowsky

0:44:17 to 0:44:34( Edit History Discussion )

Janice D. Schakowsky: working across ideological barriers. really we are all in the same place. we want americans to be safe and secure in th eir homes ifom they are able to meet their obligations. we should

Janice D. Schakowsky

0:44:34 to 0:44:58( Edit History Discussion )

Janice D. Schakowsky: go the extra mile toe allow them to do that. i just want to say once again how much i have appreciated working with you, congressman cannon, over these years and how -- i said this earlier this

Janice D. Schakowsky

0:44:58 to 0:45:13( Edit History Discussion )

Janice D. Schakowsky: week, but if you look at your voting record, you have got one of the most conservative voting records in this congress, and as i mentioned i do not. but that has never prevented us from

Janice D. Schakowsky

0:45:13 to 0:45:27( Edit History Discussion )

Janice D. Schakowsky: working together to find solutions for the american people. i really think you're a remarkable legislator. someone who i respect a great deal. i thank you for your f service to our country.

Janice D. Schakowsky

0:45:27 to 0:45:40( Edit History Discussion )

Janice D. Schakowsky: mr. can nan: reclaiming my time. i thank the gentlelady. -- mr. cannon: reclaiming my time. i thank the gentlelady. the nice thing about being clear in your princips it's possible to negotiate

Janice D. Schakowsky

0:45:40 to 0:45:55( Edit History Discussion )

Janice D. Schakowsky: and come up with compromises that work. it's been a pleasure to work with the gentlelady and the chairman of the full committee who is also here with us, mr. conyers. it's not possible to be

Janice D. Schakowsky

0:45:55 to 0:46:10( Edit History Discussion )

Janice D. Schakowsky: farther b apart on the political spectrum than i think mr. conyers and i are, but we have had a very pleasant and i think profitable working relationship on many issues where because of his clear

Janice D. Schakowsky

0:46:10 to 0:46:27( Edit History Discussion )

Janice D. Schakowsky: principles and i hope my clear principles we have beenha able to reach compromise. going back to what the gentlelady was saying, i fervently hope will i not be part of any further negotiations

Janice D. Schakowsky

0:46:27 to 0:46:42( Edit History Discussion )

Janice D. Schakowsky: on bankruptcy. i hope that we solve this problem today or tomorrow, i suppose. and then save the -- make the american people more safe by us being out of town and thenn letting next year's crop

Janice D. Schakowsky

0:46:42 to 0:46:52( Edit History Discussion )

Janice D. Schakowsky: of people come back and deal with the issue. let me just reiterate a couple things the gentlelady has said. $2.1 trillion of subprime and alt a loans are in trouble f we do n't do something about

Janice D. Schakowsky

0:46:52 to 0:47:04( Edit History Discussion )

Janice D. Schakowsky: that, those loans as they fail, to the degree they fail and many are likely to fail, arelikely to draw down to create a suction that will pull down the prices of all the other houses

Janice D. Schakowsky

0:47:04 to 0:47:18( Edit History Discussion )

Janice D. Schakowsky: in america creating chaos in our markets. it's imperative that the secretary recognize his authority under i think the current language and make it clear he intends to do something not just

Janice D. Schakowsky

0:47:18 to 0:47:32( Edit History Discussion )

Janice D. Schakowsky: about the paper, because as the gentlelady has pointed out, we don't own all the fractions of the interests in these mortgages, and therefore we don't hav e the ability by pumping money into

Janice D. Schakowsky

0:47:32 to 0:47:46( Edit History Discussion )

Janice D. Schakowsky: paper to solve the underlying problem. you have to do that in another way. certainly where you have a second or third, there is no ability by the tresh have i under -- treasury under the

Janice D. Schakowsky

0:47:46 to 0:48:00( Edit History Discussion )

Janice D. Schakowsky: current program to dealt with that suction on prices. i'm hop ing the secretary of the treasury will today make it clear he intends to use part of this bailout money for which he has, i

Janice D. Schakowsky

0:48:00 to 0:48:12( Edit History Discussion )

Janice D. Schakowsky: think the discretion. io i think it's important he be clear he has that discretion, he intends to use money that way so we can create a floor not just under the banks but also under the prices

Janice D. Schakowsky

0:48:12 to 0:48:52( Edit History Discussion )

Janice D. Schakowsky: of our homes. . and with that i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from michigan. mr. conyers: mr. speaker, i yield to the author

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