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Senate Proceeding on Apr 30th, 2009 :: 1:40:55 to 1:51:49
Total video length: 9 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Barbara Boxer

1:40:54 to 1:41:15( Edit History Discussion )

Barbara Boxer: of all the responsibilities we all have i've got to be somewhere in 10 minutes, i'm here to stand with you, senator durbin, in your courageous effort to stop thousands and thousands of homes from foreclosure and, frankly, to get to the bottom of this economic recession. we know because economists have

Barbara Boxer

1:40:55 to 1:51:49( Edit History Discussion )
Speech By: Barbara Boxer

Barbara Boxer

1:41:16 to 1:41:36( Edit History Discussion )

Barbara Boxer: told us, that the problems we're facing all start with the fact that we've had a collapse in the housing market. and my done is taken on the special interests in a way that is very, very clear. and i can only say that i hope when the votes are counted that the people who united states senateo the

Barbara Boxer

1:41:37 to 1:41:57( Edit History Discussion )

Barbara Boxer: right thing in support the durbin amendment. mr. president, i stood on the floor of the senate when we debated the foreclosure prevention act a year ago -- a year hard the hitting particularly my state,

Barbara Boxer

1:41:58 to 1:42:18( Edit History Discussion )

Barbara Boxer: california, the largest in the union, and what happens in california, good and bad, spreads throughout the country. they say when california sneezes everybody else gets a cold. the truth is we're having good problems in california starting with the housing crisis.

Barbara Boxer

1:42:19 to 1:42:39( Edit History Discussion )

Barbara Boxer: now, i'm sorry to say tha year later after i stood here and said this is a crisis that we must address and must address in a far-reaching way, the situation is bad. and, frankly, it could well get worse if we turn our back on the durbin amendment it will surely get worse.

Barbara Boxer

1:42:40 to 1:43:01( Edit History Discussion )

Barbara Boxer: foreclosure filings were higher in 2007 than they were in 2006. they were higher, still, in 2008. and they are at a pace that's going to have them go even higher in 2009. one year ago when i stood on th then, two million homes to be lost to foreclosure over the

Barbara Boxer

1:43:02 to 1:43:22( Edit History Discussion )

Barbara Boxer: course of the crisis. now that number is expected to be over eight million homes. mr. president, if we turn our ba on the durbin amendment what we're essentially saying is, fine. it is all working out.

Barbara Boxer

1:43:23 to 1:43:47( Edit History Discussion )

Barbara Boxer: now, the durbin amendment is a very moderate amendment. it basically says that if a bank and a lender don't sit down and try t and reach an agreement on how they can restruc mortgage so that the?? lender can stay in the restructuring is very clear, it

Barbara Boxer

1:43:48 to 1:44:08( Edit History Discussion )

Barbara Boxer: should be about 31% of income, if that is not undertaken as effort, then if the lender files for bankruptcy the judge can look at how to restructure that mortgage. understand how anyone could vote

Barbara Boxer

1:44:09 to 1:44:29( Edit History Discussion )

Barbara Boxer: "no" on this except if they're dancing to the tune of the banks. now, let me say this: i wor with the banks in my stay. i respect them. when they're doing the right thing. when they're acting in the public interest. when they're lending to people who deserve to have

Barbara Boxer

1:44:30 to 1:44:51( Edit History Discussion )

Barbara Boxer: when they're not redlining. wh they're being fair. i support them wholeheartedly. often times they are very good neighbors and they donate to charities in the counties and communities in the state of california. but when they are wrong, they are wrong.

Barbara Boxer

1:44:52 to 1:45:13( Edit History Discussion )

Barbara Boxer: and for them to not work with se of the room when he has modified his preliminary in such a way that it is so reasonable. -- as senator durbin has said, when someone goes into bankruptcy, the judge can look at everytng, all of their assets,

Barbara Boxer

1:45:14 to 1:45:36( Edit History Discussion )

Barbara Boxer: their second homes, their furniture, they're proabted from that first -- and, by the way, most importa asset -- the home, the residence. why? because banks over the years have said, we don't want our books to look worse. we don't want to take any losses.

Barbara Boxer

1:45:37 to 1:45:59( Edit History Discussion )

Barbara Boxer: and we are not willing to budge. well, mr. president, this is cris. all of t fallout in the financial sector comes down to the fact that new instruments created around

Barbara Boxer

1:46:00 to 1:46:20( Edit History Discussion )

Barbara Boxer: the value of a home. derivatives, all kinds of paper, all kin of insurance, all on top of a home. so that when the home goes, everything goes. the house of cards falls. and that's what has happened.

Barbara Boxer

1:46:21 to 1:46:43( Edit History Discussion )

Barbara Boxer: and one of the reasons is these foreclosures. we can stop a lot of these foreclosures, mr. presi we adopt the durbin amendment. now, i want to say that my state is having a very, very hard time.

Barbara Boxer

1:46:44 to 1:47:04( Edit History Discussion )

Barbara Boxer: we can see the seriously delinquent homes in going up here. when does this end, in 2006? oh, 2008, all the way up here at over 8%. and the actual foreclosures at

Barbara Boxer

1:47:05 to 1:47:26( Edit History Discussion )

Barbara Boxer: over 4%. this is, in many that is spreading. and what happens when a home is abandoned and no o cares about it, because many times the banks just let it go understand, frankly, the mortgage is held by so many people. you know, nobody goes and makes sure that the home is kept up,

Barbara Boxer

1:47:27 to 1:47:48( Edit History Discussion )

Barbara Boxer: that the pool doesn't become a hazard in the we have pictures, i showed last used by kids as a skateboard park. and that was probably one of the better things that was happening in the homes are being looted. the value of the next-door home goes down, and the crisis continues to spread.

Barbara Boxer

1:47:49 to 1:48:09( Edit History Discussion )

Barbara Boxer: look what's happening in my state, mr. president. one out of every -- is this in california or in the nation? one out

Barbara Boxer

1:48:10 to 1:48:30( Edit History Discussion )

Barbara Boxer: merced, california, have been foreclosed on. they've filed for foreclosure. stockton, one out of every 27. riverside-san bernardino, one out of every 28. modesto, one out of every 29 homes. so when you go into these

Barbara Boxer

1:48:31 to 1:48:51( Edit History Discussion )

Barbara Boxer: beautiful areas of my state, one out of 27 homes in filed r foreclosure. bakersfield, one out of every 37, valeo, one out of 37. sacramento, and it goes on and on. an

Barbara Boxer

1:48:52 to 1:49:12( Edit History Discussion )

Barbara Boxer: and the durbin amendment can help why? because these are just numbers. there are families in these homes, obviously. and if they have a chance to restructure their mortgage, then they might well want to use the opportunit bankruptcy court.

Barbara Boxer

1:49:13 to 1:49:33( Edit History Discussion )

Barbara Boxer: we all know that our home, those of us who have been fortunate enough to buy a home, in many cases is our biggest asset. and when that asset goes down value, that's but when we are in a mortgage that can't afford to stay in our

Barbara Boxer

1:49:34 to 1:49:54( Edit History Discussion )

Barbara Boxer: home, and we suddenly lose our job and have to tak that's a lower-paying job because of the ramifications that this is having on the our families are in trouble. at experienced 363,891 foreclosures

Barbara Boxer

1:49:55 to 1:50:15( Edit History Discussion )

Barbara Boxer: since 2007. since think of our families have experienced foreclosure since we had of the top worst foreclosure raters. today -- foreclosure

Barbara Boxer

1:50:16 to 1:50:38( Edit History Discussion )

Barbara Boxer: today we have another opportunity to help stem this cris. if we miss this opportunity, it's our fault and we should be judged on this vote. that's how strongly i feel. the bill-us mak changes to the hope for homeowners program such as reducing fees and admini

Barbara Boxer

1:50:39 to 1:50:59( Edit History Discussion )

Barbara Boxer: make the program more attractive it provides a safe harbor against lawsuits to protect servicers that participate in the mortgage modification program. that's all good. and it is helpful. but the one piece that is miss something the durbin amendment that risk of foreclosure to receive

Barbara Boxer

1:51:00 to 1:51:22( Edit History Discussion )

Barbara Boxer: sistance from the court in restructuring their loans so they can keep their families in their homes. mr. president, i have met children who cry themselves to sleep night because they think they're going to lose their home, and

Barbara Boxer

1:51:23 to 1:51:44( Edit History Discussion )

Barbara Boxer: now, for us to turn our back on the rationale that when stripped away banks don't like it would be a straff city of justice for -- a travesty of justice for these children. i believe that if senator durbin's proposal would have been passed last year, we would

Barbara Boxer

1:51:45 to 1:51:50( Edit History Discussion )

Barbara Boxer: have saved hundreds of thousands?? of homes nationwide. it is as simple as

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