Video archive of the US Congress

House Proceeding on Dec 11th, 2009 :: 1:04:10 to 1:07:00
Total video length: 1 hours 47 minutes Stream Tools: Stream Overview | Edit Time

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Bob Goodlatte

1:04:07 to 1:04:27( Edit History Discussion )

Bob Goodlatte: doesn't apply to future credit. many, many experts have looked at this and concluded it will credit. i reserve the balance of my time. the chair: the gentleman reserves. the gentleman from virginia is recognized. mr. goodlatte: madam speaker, i recognize myself for two minutes. first, to say that the gentleman from georgia may

Bob Goodlatte

1:04:10 to 1:07:00( Edit History Discussion )
Speech By: Bob Goodlatte

Bob Goodlatte

1:04:28 to 1:04:48( Edit History Discussion )

Bob Goodlatte: assert that this will benefit creditors, but i know a few creditors who extend home mortgage loans that favor this legislation. our country has fallen into a serious economic recession or a recession that's worsened by the foreclosure crisis. until we can address the rising number of foreclosures, it will

Bob Goodlatte

1:04:49 to 1:05:09( Edit History Discussion )

Bob Goodlatte: be difficult for the economy recover. unfortunately, this bankruptc amendment, which i don't think belongs in this legislation to begin with, not only fails to solve the foreclosure crisis but also will make the cris deeper, longer and wider. allowing bankruptcy courts to modify home mortgages will have adverse consequences for all

Bob Goodlatte

1:05:10 to 1:05:30( Edit History Discussion )

Bob Goodlatte: while providing little real relief to distressed borrowers. bankruptcy cramdown will invariablely lead to higher interest rates and less g future borrowers. the gentleman may claim that it won't effect future borrowers, but the fact of the matter is if this can be done now for this purpose, the advocates for this legislation would like to

Bob Goodlatte

1:05:31 to 1:05:51( Edit History Discussion )

Bob Goodlatte: see this made in the future a permanent provision in our bankruptcy laws and it will have the effect of causing interest rates to go up and credit to be less available. unemployment has been the driving factor behind most foreclosures, but because individuals without regular income may not file for bankruptcy under chapter 13, cramdown will do nothing for

Bob Goodlatte

1:05:52 to 1:06:12( Edit History Discussion )

Bob Goodlatte: those most in need of relief. additionally, many borrowers walk away from their homes not because they can't afford their monthly payments but because their homes are mortgaged for more than they're worth. these borrowers should live with the responsibility for their decisions, not receive bailouts from bankruptcy courts. furthermore, we must not forget

Bob Goodlatte

1:06:13 to 1:06:34( Edit History Discussion )

Bob Goodlatte: that cramdown will not only impact lenders but investors as well. these investors often include pension funds representing the retirement savings of million we should not pass the cost of irresponsible borrowing and lending off on current and future retirees. i yield myself an additional 30 seconds. the chair: the gentleman is

Bob Goodlatte

1:06:35 to 1:06:55( Edit History Discussion )

Bob Goodlatte: recognid for 130ekds. mr. goodlatte: there is no reason to allow mortgage cramdown with the high cost considering it will produce only moderate results at best. if we pass this amendment, what message of homeowners who are making their payments on time? how can we ask them to foot the bill for their neighbor's mortgages.

Bob Goodlatte

1:06:56 to 1:07:01( Edit History Discussion )

Bob Goodlatte: what do people think back they

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