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Senate Proceeding on Apr 4th, 2008 :: 0:54:35 to 0:56:46
Total video length: 2 hours 5 minutes Stream Tools: Stream Overview | Edit Time

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Bill Nelson

0:54:23 to 0:54:35( Edit History Discussion )

Bill Nelson: cost. so end of the two years you may end up at exactly the same level level. at the end of the two years we're still face teds ed with the size -- we're still phase faced with the size of mortgage

Christopher Dodd

0:54:35 to 0:54:44( Edit History Discussion )

Christopher Dodd: we had before. i don't have any quick idea for you here of how we try to tie this together to see if we might incentive ize that learned understand that mortgage to write down a part of that or to restructure

Christopher Dodd

0:54:35 to 0:56:46( Edit History Discussion )
Speech By: Christopher Dodd

Christopher Dodd

0:54:44 to 0:54:56( Edit History Discussion )

Christopher Dodd: it in a way so that that person face ing foreclosure would be able to handle it. these moneys would be of help to them. if you don't do anything about the size of the mortgage or the conditions much

Christopher Dodd

0:54:56 to 0:55:07( Edit History Discussion )

Christopher Dodd: it, all i've done is kick the can down the road for two years and then also then watch the retirement income get exhausted. you can put it back in but it seems to defeat the very purpose purpose,

Christopher Dodd

0:55:07 to 0:55:18( Edit History Discussion )

Christopher Dodd: that is to get workouts workouts. we started a year ago with the stakeholders and asked him -- in fact we set up a set of principles for write-downs and unfortunately according to moody moody's only

Christopher Dodd

0:55:18 to 0:55:28( Edit History Discussion )

Christopher Dodd: 1% of the lending institutions have done that in a year. tragically, in my view. we'd be in a very different position had they done otherwise. i'm very suspicious of their willingness do this in providing

Christopher Dodd

0:55:28 to 0:55:40( Edit History Discussion )

Christopher Dodd: additional resources to them coming out of people's people's hard- hard-earned money. i'd like to think about a way in which we might incentive ize that lender that will work out so that that person

Christopher Dodd

0:55:40 to 0:55:56( Edit History Discussion )

Christopher Dodd: can use those resources to stay in the home. merely a thought to consider over the next couple of days as we go forward. mr. baucus: mr. president, frankly i think that it's been a good discussion

Christopher Dodd

0:55:56 to 0:56:09( Edit History Discussion )

Christopher Dodd: and there's merit both for those who want t amend the law so that the ira's can be use ed to help write down -- help people finance their homes. but i think the senator from connecticut, the chairman

Christopher Dodd

0:56:09 to 0:56:20( Edit History Discussion )

Christopher Dodd: of the banking committee, makes a very good point that we don't have to let the lenders off the hook either. from a tax perspective we in the finance committee believe -- i can speak for myself anyway

Christopher Dodd

0:56:20 to 0:56:32( Edit History Discussion )

Christopher Dodd: -- that this purr -- the purpose of this amendment is it's close enough to the nature of the purpose of the ira's ira's and other savings vehicles in the first place to warrant an exception that

Christopher Dodd

0:56:32 to 0:56:46( Edit History Discussion )

Christopher Dodd: will last for two years because after all a home is pretty close to retirement. people should save for retirement under these retirement programs, that if saving their home means dipping into their retirement

Max Baucus

0:56:46 to 0:57:09( Edit History Discussion )

Max Baucus: savings, then i think that would be appropriate. as to avoid the 10% penalty and also it is in effect for only two years. i think this is entirelyir appropriate from a tax perspective. but i think

Max Baucus

0:56:46 to 0:58:18( Edit History Discussion )
Speech By: Max Baucus

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