Video archive of the US Congress

Senate Proceeding on Apr 30th, 2009 :: 2:34:10 to 2:38:29
Total video length: 9 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Tom Udall

2:34:07 to 2:34:27( Edit History Discussion )

Tom Udall: we cannot let this opportuni slip by. i thank you, mr. president, and yield the floor. the presiding officer: . president? madam president? the presiding officer: the senator from new mexico. mr. udall: madam president, i rise today because i believe that the durbin amendment we are considering today is more than a

Tom Udall

2:34:10 to 2:38:29( Edit History Discussion )
Speech By: Tom Udall

Tom Udall

2:34:28 to 2:34:49( Edit History Discussion )

Tom Udall: tool for solving america's current economic problems, it's the right thing to do for millions of american homeowners. like many of you, i had the opportunity recently to spend two weeks with my constituents talking with people at town halls and community get-togethers around new mexico, i heard one message over and

Tom Udall

2:34:50 to 2:35:10( Edit History Discussion )

Tom Udall: over. my constituents feel that too often, america has one set of rules for the rich and powerful and a different setor working families. wall street can fail and still make millions. on main street, even people who

Tom Udall

2:35:11 to 2:35:32( Edit History Discussion )

Tom Udall: work hard get dragged down. irresponsible lenders thr while credulous borrowers lose their homes. everywhere you look, you see middle-class americans payin for other people's mistakes. it just doesn't seem fair. of course, contains an explicit double standard, but today we are

Tom Udall

2:35:33 to 2:35:54( Edit History Discussion )

Tom Udall: dealing with a situation in which it does. if a real estate speculator borrows millions to buy a city bl court and ask the judge to reduce the principal on his loan. if a working american borrows $30,000 to buy that first home

Tom Udall

2:35:55 to 2:36:16( Edit History Discussion )

Tom Udall: for her children, she's stuck with that loan. if she's lost her job, she's stuck with that loan. if the valuef her house has plummeted, she's stuck with that loan. if she was the victim of predatory lending, she is stuck with that loan. i have yet to hear a good reason why that

Tom Udall

2:36:17 to 2:36:37( Edit History Discussion )

Tom Udall: not have the same rights as every real estate speculator and vacation homeowner in this country. my constituents don't think that's fair and, you know, they're right. now, sometimes you hear people defend unfair rules because they're good for the overall economy.

Tom Udall

2:36:38 to 2:36:59( Edit History Discussion )

Tom Udall: they say that efficiency should be prized over equity. but that argument does notork here. by limiting judges' ability to reduce the principal on hom loans, we are delaying the resolution of this country's mortgage crisis homeowners continue to struggle with loans they cannot pay and

Tom Udall

2:37:00 to 2:37:20( Edit History Discussion )

Tom Udall: the toxic assets based on those loans remain on the balance sheets of america's financial institutio. elizabh warren, the head tarp's congressional oversight panel, has made the point very clearly, and she says -- i quote -- "the law recognizes everywhere the importance in a financial crisis of recognizing

Tom Udall

2:37:21 to 2:37:41( Edit History Discussion )

Tom Udall: losses, taking the hit and moving on." that's why she supports the mortgage modification provision we are considering here today. when judges have the power to provide a fair resolution for banks and borrowers, we will be one step closer to recognizing those losses in our housing

Tom Udall

2:37:42 to 2:38:02( Edit History Discussion )

Tom Udall: sector, taking the hit and moving on. in other words, the durbin amendment puts us one step closer to fixing the financial system. for this proposal's -- but this proposal's benefits will not be felt primarily on wall street credit suisse estimates that as

Tom Udall

2:38:03 to 2:38:25( Edit History Discussion )

Tom Udall: many as one in six mortgages in america will be lost to foreclosure in the next four years. homeowners know what happens when a neighbor goes into foreclosure. the whole nei hit, property values drop, local governments face another drain on their resources. in some cases, the foreclosed property becomes a magnet for

Tom Udall

2:38:26 to 2:38:29( Edit History Discussion )

Tom Udall: crime and community. for most americans, their home

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