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Video archive of the US Congress

Senate Proceeding 05-11-10 on May 11th, 2010 :: 0:19:00 to 0:20:05
Total video length: 4 hours 45 minutes Stream Tools: Stream Overview | Edit Time

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John Thune

0:18:56 to 0:19:00( Edit History Discussion )

John Thune: what it called which later became known as subprime loans. in fact, fannie mae became the

Johnny Isakson

0:19:00 to 0:20:05( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

0:19:01 to 0:19:21( Edit History Discussion )

Johnny Isakson: purchaser of record for the first subprime securities that were created to meet the congressional mandate to end up having these affordable loans, which made a market for those securiti which subsequently were sold around the world. so i want to commend the senator from arizona. what he brings before us is important. i don't know how you leave fredy

Johnny Isakson

0:19:22 to 0:19:43( Edit History Discussion )

Johnny Isakson: and fannie out and talk about -- freddie and fannie out and talk about real financi services reform in the united states of america f. anything, they need to be -- in america. if anything, they need to be a critical part of it. now, i recognize this legislation portend there's will be a two-year winddown unless they improve, then there will be a liquidation at some point in time. but, mr. president, let me tell you what's going to happen if nothing happens. at some point in time, freddie

Johnny Isakson

0:19:44 to 0:20:05( Edit History Discussion )

Johnny Isakson: and fannie will have to be liquidated and a new entity will have to be created that will fill the void that that liquidation takes place. we're going to have the mortgage money to this country one way or another because america wouldn't be america without it. but we can't tend to have a black hole and an empty that can be used for or was used for politica purposes, to create a market

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