Senate Proceeding on Apr 3rd, 2008 :: 0:20:41 to 0:29:52
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0:09:26 to 0:20:41( Edit History Discussion )
Speech By: Christopher Dodd

0:20:26 to 0:20:41( Edit History Discussion )

Christopher Dodd: mr. shelby: mr. president? the presiding officer: the senator from bam bam. mr. shelby: mr. president, i'm -- thoirnlg a pleased to join my friend and colleague, senator dodd in supporting the pending

0:20:41 to 0:20:53( Edit History Discussion )

Richard Shelby: amendment. when crises such as the one we're now face ing arise, mr. president, i believe that the american people expect us to provide effective and timely solutions. imawf chairman dodd and i worked

0:20:41 to 0:29:52( Edit History Discussion )
Speech By: Richard Shelby

0:20:53 to 0:21:06( Edit History Discussion )

Richard Shelby: together to develop a package of targeted measures measures intended to help stablize and strengthen the house ing and the financial markets. we chose not to pursue partisan goals here. instead, focusing

0:21:06 to 0:21:21( Edit History Discussion )

Richard Shelby: our efforts on achieving the best possible results in a bipartisan fashion. i commend the chairman for his willingness to work with me in this manner. mr. president, the amendment before us provides

0:21:21 to 0:21:33( Edit History Discussion )

Richard Shelby: immediate help to the marketplace by reforming the federal housing administration, allowing ait to provide greater liquidity and enhancing the options available to america's homeowners. it also provides,

0:21:33 to 0:21:45( Edit History Discussion )

Richard Shelby: mr. president, additional funding for foreclosure prevention counseling, which will hopefully help homeowners stay current on their mortgages and be able to remain in a lot of their homes. mr. president, in

0:21:45 to 0:21:57( Edit History Discussion )

Richard Shelby: order to prevent this situation from raimenting itself, the amendment increases the disclose ures, which is very important -- disclosures made to consumers when they obtained mortgages and closed their

0:21:57 to 0:22:12( Edit History Discussion )

Richard Shelby: loans. i believe that giving consumers -- that is, buyers -- a more information and greater available to understand the choices that they are making will help them avoid the pit pitfalls and bad

0:22:12 to 0:22:25( Edit History Discussion )

Richard Shelby: decisions many underinformed consumers made in the recent past. to better protect our soldiers, sailors, and airmen, the amendment extends additional consumer protections and provides those returning

0:22:25 to 0:22:40( Edit History Discussion )

Richard Shelby: from combats a chance to get back on their feet before they face foreclosure. that's the least we can do. mr. president, in an effort to provide communities with the ability to clean up the damage caused

0:22:40 to 0:22:53( Edit History Discussion )

Richard Shelby: by the foreclosures that have already occurred, we have allowed states and communities to buy up and repair foreclosed residences. attached to thundzing if is a requirement that any profits from

0:22:53 to 0:23:09( Edit History Discussion )

Richard Shelby: the sale of properties must be used to buy and repair additional properties like a resolving fund. i believe, mr. president, that use of this funding will n. this manner will maximize the impact

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

Richard Shelby: of these dollars and minimize the possibility that funds will be waste ed or profits in inappropriately pocketed as has been in the past. mr. president, the amendment before us also contains a number

0:23:22 to 0:23:33( Edit History Discussion )

Richard Shelby: of tax-related provisions prepared by a bipartisan -- presented in a bipartisan fashion by the chairman and rank member of the finance committee, senator baucus and senator gross grossly. mr. president,

0:23:33 to 0:23:51( Edit History Discussion )

Richard Shelby: i believe this is a focused and targeted piece of legislation that will address in an appropriate manner a number of difficulties that we are a now facing in the housing market. there's no doubt that

0:23:51 to 0:24:03( Edit History Discussion )

Richard Shelby: beer a experience ing serious economic distress in communities across the naights nation. the american people expect us to provide solutions. but i would caution my colleagues here that while we're in agreement

0:24:03 to 0:24:15( Edit History Discussion )

Richard Shelby: on the measures contained in this bill, there a line that i believe that we should not cross. that line, mr. president, is represented by a taxpayer-funded bailout of investors or home owners that freely

0:24:15 to 0:24:27( Edit History Discussion )

Richard Shelby: and willingly enter into mortgages that they knew or should have known that they could not afford. nor should we be using taxpayer dollars, mr. president, to bail out financial institutions that

0:24:27 to 0:24:40( Edit History Discussion )

Richard Shelby: also contributed to this problem. chairman dodd and i will shortly be attending a banking committee hearing in the senate where we will be examining the very question -- that very question in relation

0:24:40 to 0:24:51( Edit History Discussion )

Richard Shelby: to the bear stearns situation. while there are large and a growing number of homes entering foreclosure, mr. president, i believe we must remember here that the vast majority of homeowners are living

0:24:51 to 0:25:03( Edit History Discussion )

Richard Shelby: within their means and are making their mortgage payments. while some would argue that we have a responsibility to aid those who find them selves under water on their mortgages offer unable to

0:25:03 to 0:25:17( Edit History Discussion )

Richard Shelby: afford their increasing payments, i would argue on the contrary that we also have a responsibility to those who have made prudent financial decisions and those who may be looking to enter the housing

0:25:17 to 0:25:31( Edit History Discussion )

Richard Shelby: market for the first time. there is a large group of americans who see falling home prices not only as an opportunity to buy for the first time but also as an opportunity to move up. we must not forget

0:25:31 to 0:25:43( Edit History Discussion )

Richard Shelby: them in our zeal to do something here. mr. president, recently i received a letter from an individual stationed in japan. i think he very effectively makes the case for the other side of the housing

0:25:43 to 0:25:59( Edit History Discussion )

Richard Shelby: market, and i would like to share this with my senate colleagues. and i read it into the record, "dear sir: while i am not a resident of your state of alabama, i would like to share my opinion with

0:25:59 to 0:26:11( Edit History Discussion )

Richard Shelby: you on a very important issue. my wife and i are very concerned with the direction government policy seems to be taking on the debate over the 'housing crisis crisis'. i am an employee of the department

0:26:11 to 0:26:26( Edit History Discussion )

Richard Shelby: of defense and am serving overseas in japan. before we came here, we lived in the washington, d.c., area with a very high cost of living. from the very first paycheck i received, we've been saving

0:26:26 to 0:26:40( Edit History Discussion )

Richard Shelby: every month for an eventual down payment on a home. weeksd not afford to purchase a home in d.c. or anywhere near d.c. and were unwilling to make take on an alternative mortgage with 100% financing. as

0:26:40 to 0:26:53( Edit History Discussion )

Richard Shelby: such, we rented. when my tour is up in japan, we will probably be going back to washington and we hope to buy a home. we've worked hard, saved hard, and will be putting down a 20% down payment on

0:26:53 to 0:27:05( Edit History Discussion )

Richard Shelby: the home with a 30-year fixed mortgage. an important factor in our being able to purchase a home is how much the market has softened. house prices prices are dropping because the market was incredibly

0:27:05 to 0:27:22( Edit History Discussion )

Richard Shelby: inflated. yes, people are losing their homes to foreclosure, but more often than not, they shouldn't have been there in those homes in the first place. i have very little sympathy for someone who

0:27:22 to 0:27:33( Edit History Discussion )

Richard Shelby: took out tooisky mortgages to cover 1 had00% 00 had 00% of the cost of the home. i would consider it an absolute slap in the face to see my tax dollars being spent on people to allow them to stay

0:27:33 to 0:27:47( Edit History Discussion )

Richard Shelby: in the home they can't aford when i have been saving for years to get in the home that i hope i can afford." the letter goes on, "i recognize that much of the debate centers around predatory lending

0:27:47 to 0:27:58( Edit History Discussion )

Richard Shelby: practices and people being duped into a mortgage they didn't fully understand. i feel for those people. i really do. but there must come a point when people take responsibility for their actions.

0:27:58 to 0:28:10( Edit History Discussion )

Richard Shelby: if you didn't read your minority before you signed, you made a big mistake, and i -- and now you are a going to pay for it. it's not the federal government government's job to save people from their

0:28:10 to 0:28:24( Edit History Discussion )

Richard Shelby: natural consequences of their actions. " and the letter reads on, "as you look for a solution to the current situation, please consider the position many of us are in. we work hard, we save, and we buy

0:28:24 to 0:28:35( Edit History Discussion )

Richard Shelby: a home we can afford. do you really want to punish us by using our tax dollars in a bailout for those who got in over their heads? do you want to reward poor fiscal discipline and encourage people

0:28:35 to 0:28:47( Edit History Discussion )

Richard Shelby: once again to bite off more than they can chew knowing that uncle sam is going to come to their reserve skew? i believe that people like me are very much in the majority in this nation but the immediateia

0:28:47 to 0:28:59( Edit History Discussion )

Richard Shelby: attention isn't designee to focus on us. it doesn't make for good tv. they are a going to focus on the family that is losing their home because of 'corporate greed. ' no mention will be made of the

0:28:59 to 0:29:13( Edit History Discussion )

Richard Shelby: family that simply wanted more than they can afford and now has to pay the price. please be an advocate, not only for fiscal discipline and responsibility in the government but in each and every american

0:29:13 to 0:29:29( Edit History Discussion )

Richard Shelby: as an individual." i think that's a good letter and i ask unanimous consent to include this in the record, mr. president.~ without objection, so ordered. the presiding officer: without objection, so ordered.

0:29:29 to 0:29:52( Edit History Discussion )

Richard Shelby: mr. shelby: i encourage my colleagues here as we work through this legislation. i yield the floor. mr. .durbin: pursuant to the unanimous kon sent request i send an amendment to the desk. the presiding

0:29:52 to 0:30:03( Edit History Discussion )

Richard Durbin: officer: the clerk will report. the clerk: the senate from illinois, mr. durbin, for himself and mr. reid of november nevada proposes 4388. mr. durbin: i ask unanimous consent further reading be dispensed.

0:29:52 to 0:36:30( Edit History Discussion )
Speech By: Richard Durbin