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Senate Proceeding 05-11-10 on May 11th, 2010 :: 0:16:35 to 0:18:54
Total video length: 4 hours 45 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

0:16:20 to 0:16:40( Edit History Discussion )

Johnny Isakson: i urge my colleagues to support the mccain amendment. mr. floor. a senator: mr. president? the presiding officer: the sena mr. isakson: m deference to the chairman, i will be brief, but i come because i feel compelled today because the two amendments this body will be dealing with. one is the mccain amendment and another amendment later in

Johnny Isakson

0:16:35 to 0:18:54( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

0:16:41 to 0:17:02( Edit History Discussion )

Johnny Isakson: the day dealing with underwriting, but i'll save the remarks on that until those amendments are pending. i agree with senator chambliss and i commend senator mccain, and i come from a lifetime in the real estate business, so what i talk about, i do understand its cause and effect on the marketplace.

Johnny Isakson

0:17:03 to 0:17:23( Edit History Discussion )

Johnny Isakson: you cannot have responsible reform of financial services and leave out freddie and fannie. one of the reasons that, along with senator conrad, i created the financial markets crisis commission, which is now meeting, by the way, and will report back at the end of december, was i knew there were pervasive and redundant failures in the system that brought about what became a cataclysmic

Johnny Isakson

0:17:24 to 0:17:44( Edit History Discussion )

Johnny Isakson: collapse. i understand the chairmas been under great pressure to bring this legislation forward and i have great respect for the chairman, appreciate h work. i wish we had waited until the financial markets crisis commission reported, but we haven't, so let me just for a second address fredy and fannie and the mccain amendment. freddie and fannie fille

Johnny Isakson

0:17:45 to 0:18:06( Edit History Discussion )

Johnny Isakson: void the save and loans created when he failed -- savings and loan created when they failed in the late 1980's. there are a lot of people who remember those days. with exception of the f.h.a. and v.a., they basically made all home loans. there were aew players but not too many. those entities, by the way, those savings and loans, had

Johnny Isakson

0:18:07 to 0:18:27( Edit History Discussion )

Johnny Isakson: 100% risk retention of every loan they made because their depositors put money in there for the sole purpose of getting a preferred rate of interest for&for mortgage loans -- and for mortgage loans to be made to generate income. but they went under. they went under because of a lot of factors. one because of the federal govement changing the rules under which they operated in midstream, which caused them to collapse.

Johnny Isakson

0:18:28 to 0:18:49( Edit History Discussion )

Johnny Isakson: freddie and fannie immediately filled that void and they did a great job for a long period of time by creating a secondary market for capital to be formed, put into mortgages, the mortgage be securitized and the securities traded. and it worked for a long time. it worked, quite frankly, until a couple of things happened.

Johnny Isakson

0:18:50 to 0:18:55( Edit History Discussion )

Johnny Isakson: one, until the government all of a sudden told fannie it started to own a certain percentage of

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