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Senate Proceeding on Apr 30th, 2009 :: 2:38:35 to 2:41:30
Total video length: 9 hours 44 minutes Stream Tools: Stream Overview | Edit Time

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Tom Udall

2:38:35 to 2:38:56( Edit History Discussion )

Tom Udall: unnecessary foreclosures. in my home state of new mexico, the durbin amendment would protect an estimated 6,665 hoamenthomesand alm equity wit in federal money. this can make a significant

Tom Udall

2:38:35 to 2:41:30( Edit History Discussion )
Speech By: Tom Udall

Tom Udall

2:38:57 to 2:39:18( Edit History Discussion )

Tom Udall: contributi state's housing market and keeping thousands of families in their home. this is not a tough choice. opponents of two related arguments. first, they claim that a mortgage modification provision will raise the cost of home loans. congress has heard testimony

Tom Udall

2:39:19 to 2:39:40( Edit History Discussion )

Tom Udall: about this issue and the evidence suggests otherwise. i wouldn't go too deep into this right now but i encourage you to look at the testimony before the house judiciary committee of ad levitan of georgetown university law professor levitan is one of the chorus of academics who have poked holes in the arguments

Tom Udall

2:39:41 to 2:40:01( Edit History Discussion )

Tom Udall: against mortgage modification. opponents of mortgage modification also argue that loan restructuring should be handled by bankers and borrowers and not judges. i could not agree more. unfortunately, banks have so far been very reluctant to volu

Tom Udall

2:40:02 to 2:40:24( Edit History Discussion )

Tom Udall: loans despite a host of federal incentives. a considerable body of evidence suggests that banks would actually do better if they were more willing to restructure loans. foreclosure is bad for and bankruptcy is even worse. congress and the president have worked hard to encourage banks to modify home loans.

Tom Udall

2:40:25 to 2:40:45( Edit History Discussion )

Tom Udall: we have handed out carrots like a farmer's market and yet we still have a foreclosure crisis. it's time to give the homeowners a stick. the durbin amendment does not let every homeowner march into court and demand a principal reduction. banks have the opportunity to work with homeowners on a

Tom Udall

2:40:46 to 2:41:08( Edit History Discussion )

Tom Udall: reasonable compromise. as long as banks are willing to negotiate, they will not face a court-ordered principal reductionmereduction -- reduction. all this legislation says is that banks cannot ignore their borrowers. they cannot stand around while working families struggle with unpayable loans.

Tom Udall

2:41:09 to 2:41:30( Edit History Discussion )

Tom Udall: that sounds fair to me. mr. president, the debate on this complicated, but in the final analysis, it is simple. the current system is unfair, it's bad for working families, and it's devastating for the american economy. the durbin amendment is a step in the right direction. i hope you will join me in supporting it today.

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