Video archive of the US Congress

Senate Proceeding on Jan 15th, 2009 :: 7:22:50 to 7:28:05
Total video length: 8 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

7:22:50 to 7:23:11( Edit History Discussion )

Johnny Isakson: talked to a lady by the name of glenice beachham. she said, johny, i had nine people come to my open house last weekend. and that's a good crowd for an open house in the marketplace. every one of them had the money and every one of them wanted to buy but they were looking for two things -- a short sale, which means somebody selling their house for less than is owed on it and gting a discount from the lender, which

Johnny Isakson

7:22:50 to 7:28:05( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

7:23:12 to 7:23:35( Edit History Discussion )

Johnny Isakson: means it's a downward price, or they're looking for somebody whose house is going into foreclosure that they think they can steal. they don't want to even make an offer on that 80% of the people's houses in this crlt who are making -- country who are making their payments, aren't in default, aren't in foreclosure but might need to sell. so the marketplace has died

Johnny Isakson

7:23:36 to 7:23:57( Edit History Discussion )

Johnny Isakson: now, fixed -- fix housing first proposes the following. repeal the ,500 tax credit passed last year, which is not being used -- that credit is not being used to any extent whatsoever -- and replace with a tax credit that could go from 0,000 to 2,000 depending on the for tax credit. what that means is this. you make the tax credit good for

Johnny Isakson

7:23:58 to 7:24:18( Edit History Discussion )

Johnny Isakson: this year, january 1 to december 31 of 2009 monetization or the claiming of that credit against the 2008 income taxes of that family. 2008 income taxes come due in april of this year, the 15th. we all know that. by allowing the credit to be taken against

Johnny Isakson

7:24:19 to 7:24:39( Edit History Discussion )

Johnny Isakson: 2008 income taxes, you can monetize that money at the closing, use it as a part of the down payment and immediately incentivize the marketplace. is that a little costly? sure. is it somethinge'd rather not do? probably. but what are we going to do, mr. president? watch the marketplace go down to where four out of every five houses are underwater?

Johnny Isakson

7:24:40 to 7:25:01( Edit History Discussion )

Johnny Isakson: watch sales go down to where there is no viable housing market in this country? iit has not stopped spiraling and it continues, and everything feeds off of it. i don't want to belabor this point but i want to tell you, i want to talk to the american people, the people of georgia. the communityankers are hamstrung right now. most of their investments are in

Johnny Isakson

7:25:02 to 7:25:22( Edit History Discussion )

Johnny Isakson: real estate, residential construction and acquisition and development loans. wi lots or buy the houses, they have no cash flow coming in to service the loans. they're deteriorating in terms of their value. americans who have been transferred, who are making their payments, who have a viable house, who have to sell it to move to the next city of choice, there's

Johnny Isakson

7:25:23 to 7:25:43( Edit History Discussion )

Johnny Isakson: to buy that house. so that's stagnating. consumer products -- take carpets, for example. the state of georgia, the county of whitfield, city of produces about 85% of the domestic carpet in the united states of america. it has shu down. the mills are gone? why? people aren't recarpet, they

Johnny Isakson

7:25:44 to 7:26:04( Edit History Discussion )

Johnny Isakson: aren't redoing their houses, new houses aren't selling. the market has gone. and you could go on and on with durable products made in the united states of america whose industries are now in trouble because the housing market has taken a severe hit over a protracted period of time. so my plea to the president-y let, to my friends -- to the president-elect, to my friends on both sides of the aisle, to the members of the

Johnny Isakson

7:26:05 to 7:26:26( Edit History Discussion )

Johnny Isakson: united states house of representatives, as we are deploying countless bil billions of dollars to react to problems that are manifesting because of a failed housing market and mistakes that were made in the past, let's put some money out there to incentivize mr. and ms. america who want the american dream to buy a home to

Johnny Isakson

7:26:27 to 7:26:47( Edit History Discussion )

Johnny Isakson: buy one for their family, occupy it as their residence, give them a tax credit for doing it. it is a small price for the government to pay to begin to restore the industry that got us to where we are and will lead us out of these dangerous and dark times. so i come tonight on behalf of

Johnny Isakson

7:26:48 to 7:27:08( Edit History Discussion )

Johnny Isakson: the homeowners of your state in florida and mine, the community bankers, the realtors, the home builders, the fix-it people, the durable goods producers, the building supply makers, the landscapers, every job that has been explos gone and in -- lost and gone and in some cases forever because the housing

Johnny Isakson

7:27:09 to 7:27:29( Edit History Discussion )

Johnny Isakson: market in this country has collapsed. we've learned our lessons for loose underwriting. we've learned our loaning money to people who really weren't qualified to borrow, and we've paid a terrible price for that lesson. both the country and the people. it is time for to us do what we know we shod have done: have

Johnny Isakson

7:27:30 to 7:27:50( Edit History Discussion )

Johnny Isakson: quality underwriting, available credit but have accountability in our lending system, make sure values a appraised right, underwriting is done right but credit is available and people are qualified. if we can do that and incentivize people to come back because of the tax credit, we can solve this problem.

Johnny Isakson

7:27:51 to 7:28:08( Edit History Discussion )

Johnny Isakson: i don't want the to oversimplify the gravity of the problem we face. but the housing markets led us in. the housing market will lead us out. it is time for us to fix housing first. our failure to do so will cost us a lot more than 00 billion

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