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Senate Proceeding on Apr 3rd, 2008 :: 3:18:57 to 3:25:55
Total video length: 8 hours 32 minutes Stream Tools: Stream Overview | Edit Time

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Richard Durbin

3:12:11 to 3:18:57( Edit History Discussion )
Speech By: Richard Durbin

Richard Durbin

3:18:41 to 3:18:57( Edit History Discussion )

Richard Durbin: from iowa is here on my amendment that we could be engaged in a debate shortly. i yield the floor. the presiding officer: the senator from iowa. mr. grassley: i rise for two purposes. one, to state

Chuck Grassley

3:18:57 to 3:19:10( Edit History Discussion )

Chuck Grassley: some views on the durbin amendment and, number two, to give short remarks, very short remarks, on tax provisions that will be offered as an amendment to this bill as well. and i do the -- i do the --

Chuck Grassley

3:18:57 to 3:25:55( Edit History Discussion )
Speech By: Chuck Grassley

Chuck Grassley

3:19:10 to 3:19:27( Edit History Discussion )

Chuck Grassley: speak on the durbin amendment for the reasons that i'm the author of the -- of the bankruptcy provisions that passed here maybe three or four years ago and are now law and also on the tax provisions

Chuck Grassley

3:19:27 to 3:19:40( Edit History Discussion )

Chuck Grassley: as ranking republican on the senate finance committee. senator durbin and i have had opportunities work together and are working together on other things this very day unrelated to this bill. so i appreciate

Chuck Grassley

3:19:40 to 3:19:52( Edit History Discussion )

Chuck Grassley: the opportunities of cooperating in a bipartisan way with senator durbin. senator durbin was -- in months ago was very plight in coming to me and asking notice take a -- polite in coming to me and asking

Chuck Grassley

3:19:52 to 3:20:06( Edit History Discussion )

Chuck Grassley: me to take a look at his amendment. it probably would be similar to the one that's before us right now. and i know it's been changed some since then. but basically, the concept, he asked notice consider

Chuck Grassley

3:20:06 to 3:20:20( Edit History Discussion )

Chuck Grassley: it. i and my -- he asked me to consider it. i and my staff did consider and i'm standing here though now speak against it. but he was very courteous in giving me a head's up not just a few weeks ago but

Chuck Grassley

3:20:20 to 3:20:36( Edit History Discussion )

Chuck Grassley: a long, long time ago. and i want my colleagues to know that senator durbin is an easy senator to work with even if you disagree with him. so i'm here to voice opposition. while i appreciate senator

Chuck Grassley

3:20:36 to 3:20:49( Edit History Discussion )

Chuck Grassley: durbin's sincerity in trying to alleviate the home mortgage crisis, his amendment i think is misguided and i believe has serious unintended consequences. and so i'm going to point out some of these things.

Chuck Grassley

3:20:49 to 3:21:03( Edit History Discussion )

Chuck Grassley: first, the proposal would make filing bankruptcy deceptively attractive option for people trying to keep their homes, but we don't want to encourage people to go into bankruptcy for reasons of keeping

Chuck Grassley

3:21:03 to 3:21:19( Edit History Discussion )

Chuck Grassley: their homes. rather, we should be working on solutions outside of bankruptcy to address this issue and that's what a great part of the other parts of this legislation that are before us is all about.

Chuck Grassley

3:21:19 to 3:21:35( Edit History Discussion )

Chuck Grassley: that's what a lot of the things that the -- theed and the secretary of treasury are trying to do, both through public policy as well as through encouraging private-sector policy. so other solutions

Chuck Grassley

3:21:35 to 3:21:51( Edit History Discussion )

Chuck Grassley: need to be sought before bankruptcy. in order to get the relief senator durbin wants, homeowners will have to go into bankruptcy to get it. that's no news. i mean, he's made that very clear. i

Chuck Grassley

3:21:51 to 3:22:09( Edit History Discussion )

Chuck Grassley: believe otherwise that voluntary efforts and programs outside of bankruptcy will be quicker and more efficient in terms of helping people keep their homes and shoring up the housing market. we need

Chuck Grassley

3:22:09 to 3:22:20( Edit History Discussion )

Chuck Grassley: to let these efforts work. and efforts that aren't working right now -- and those are efforts that are behind other parts of this bill. also people in the process of letting that other process work

Chuck Grassley

3:22:20 to 3:22:39( Edit History Discussion )

Chuck Grassley: other than bankruptcy won't be be -- won't risk ruining their credit history by filing for bankruptcy just because think that this is the only way that maybe they're going to be able to keep their home.

Chuck Grassley

3:22:39 to 3:22:56( Edit History Discussion )

Chuck Grassley: the mortgage banking indtry needs to be doing all it can to make sure that all homeowners in distress, not just the ones in bankruptcy, are getting help in making their payments. i think more importantly,

Chuck Grassley

3:22:56 to 3:23:13( Edit History Discussion )

Chuck Grassley: we've been down the cram-down provisions. we've told -- we've beenold that there are cram-down -- the cram-down provisions in senator durbin's amendment will increase the cost of mortgages for all borrowers

Chuck Grassley

3:23:13 to 3:23:29( Edit History Discussion )

Chuck Grassley: in the form of higher interest rates and/or higher down payments or both. independent experts -- and i like quoting the congressional budget office because they're nonpartisan -- so these other independent

Chuck Grassley

3:23:29 to 3:23:46( Edit History Discussion )

Chuck Grassley: experts as well as the congressional budget office have concluded that there will be an interest rate increase for all home mortgages between 1% and 2%. higher interest rates will deny many americans

Chuck Grassley

3:23:46 to 3:24:03( Edit History Discussion )

Chuck Grassley: the ability to buy a home and will make it more expensive for other americans to get a home loan. so in effect, this will put barriers -- maybe unintended barriers -- but real barriers, the experts tell

Chuck Grassley

3:24:03 to 3:24:20( Edit History Discussion )

Chuck Grassley: us, to the american dream of owning a home. the fact is, in 1978 a democrat-controlled cigarettes and a democrat president -- a democrat-controlled congress and a democrat president specifically -- and i want to

Chuck Grassley

3:24:20 to 3:24:38( Edit History Discussion )

Chuck Grassley: emphasize specifically -- exempted primary residences from cram-down to keep interest rates low for primary homes and to ensure credit was really available for low-income borrowers. in fact, u.s. supreme

Chuck Grassley

3:24:38 to 3:24:57( Edit History Discussion )

Chuck Grassley: court justice stevens explained in the nobleman case that the legislative history in that 1978 bankruptcy law indicated very clearly that -- quote -- "favorable treatment of residential mortgages was intended

Chuck Grassley

3:24:57 to 3:25:17( Edit History Discussion )

Chuck Grassley: to encourage the flow of capital into the home lending market." end of quote of justice stevens. debate surrounding the senate version of the 1978 act indicates that exceptions for real estate leans

Chuck Grassley

3:25:17 to 3:25:29( Edit History Discussion )

Chuck Grassley: were allowed with the explicit goal of making home mortgages more available and more affordable than other kinds of credit. so i think from the historyf the 1978 act, there is sound policy basis for

Chuck Grassley

3:25:29 to 3:25:42( Edit History Discussion )

Chuck Grassley: this decision to not allow cram-down for primary homes in bankruptcy. mr. du rbin: would the senator yield for a question? mr. grassley: yes. mr. durbin: i'd like to ask the senator, i don't question what

Chuck Grassley

3:25:42 to 3:25:55( Edit History Discussion )

Chuck Grassley: he's just said. but after that, in the 1980's, we created a new chapter in bankruptcy, chapter 12. mr. grassley: now you're getting personal. mr. durbin: that's why i want to make this point, because

Richard Durbin

3:25:55 to 3:26:08( Edit History Discussion )

Richard Durbin: we said when it came to the so-called cram-down or modification of mortgages, we would make an exception and the exception would apply to the homes of farmers and their farm property. and so we

Richard Durbin

3:25:55 to 3:27:12( Edit History Discussion )
Speech By: Richard Durbin

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