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House Proceeding 12-11-09 on Dec 11th, 2009 :: 0:43:40 to 0:45:35
Total video length: 1 hours 50 minutes Stream Tools: Stream Overview | Edit Time

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Edward R. Royce

0:43:25 to 0:43:45( Edit History Discussion )

Edward R. Royce: assessment base, i believe these the -- i am hoping that you will address my concerns about these premiums. mr. frank: yes. again, if the gentleman would yield, this illustrates one other area where the legislation we have is far better and more responsive to the needs of small banks than the republican bill. this improves on it and i agree with him. mr. gutierrez: thank you so much, mr. chairman.

Edward R. Royce

0:43:40 to 0:45:35( Edit History Discussion )
Speech By: Edward R. Royce

Edward R. Royce

0:43:46 to 0:44:07( Edit History Discussion )

Edward R. Royce: the chai alabama is recognized. mr. bachus: thank you. madam chair, i yield two minutes to the gentleman from california, mr. royce. mr. royce: the democratic bill is silent on the root cause of the financial collapse. it was the government-sponsored enterprises fannie and freddie that were at the heart of the housing market and largely

Edward R. Royce

0:44:08 to 0:44:28( Edit History Discussion )

Edward R. Royce: sponsible for the proliferation of subprime andality a mor the financial system. and over the years they loaded up on over $1 trilli worth of these junk loans. ankly fannie and freddie also infected capital markets that spread through every sector of our nking system. before the bursting of the housing bubble, g.s.e.

Edward R. Royce

0:44:29 to 0:44:49( Edit History Discussion )

Edward R. Royce: securities cost more than 150% of core capital for insured banks. more than 0% of money marke initially fund holdings were i the form of g.s.e. securities. that's why senator chuck hagel offers legislation for stronger regulation which p senate banking committee on a party line vote but was blocked by the senate democrats from coming to the floor.

Edward R. Royce

0:44:50 to 0:45:10( Edit History Discussion )

Edward R. Royce: my amendment was also defeated. the affordable housing goals were put in by the democratic-controlled congress, they mandated it in 1992. these affordable housing goals led the g.s.e.'s into the subprime andality--- alt-a markets. president clinton understands this epic blunder.

Edward R. Royce

0:45:11 to 0:45:34( Edit History Discussion )

Edward R. Royce: he said, i think the responsibility that the democrats have may risk more in resisting any efforts by republicans in the congress or by me when i was president to put some standards and tighten up a little on fannie mae and freddie mac. let it be clear, this is the main reason why our economy is where it is today and this is why we must reform the g.s.e.'s. instead the democrats keep them

Edward R. Royce

0:45:35 to 0:45:36( Edit History Discussion )

Edward R. Royce: out forever in their

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