Video archive of the US Congress

Senate Proceeding on May 12th, 2010 :: 0:27:25 to 0:30:10
Total video length: 10 hours 56 minutes Stream Tools: Stream Overview | Edit Time

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Bob Corker

0:27:04 to 0:27:25( Edit History Discussion )

Bob Corker: months is unfair to them, certainly unfair to this administration. the presiding officer: the senator from illinois -- mr. durbin: i see the senator from tennessee on the floor and i yield the floor to the senator from tennessee. the presiding officer: the senator from tennessee is recognized. mr. corker: thank you, mr. president. and i thank my friend from illinois. i want to speak for a moanlt the corker amendment -- for a moment

Bob Corker

0:27:25 to 0:30:10( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

0:27:26 to 0:27:46( Edit History Discussion )

Bob Corker: on the corker amendment. waipt to thank senator gregg, senator lemieux, senator coburn for being cosponsors. i want to thank senator shelby for all he has done to help support and make this amendment possible. and also senator isakson who is just a wealth of experience, brings a wealth of experience to this body as it relates to real

Bob Corker

0:27:47 to 0:28:07( Edit History Discussion )

Bob Corker: estate lending. i want to thank all of them for this support of this amendment. it is a basic, commonsense amendment. i think everybody in this body knows that we, as a country, are going down a pretty slippery slope. that we, as politicians, act as enablers.

Bob Corker

0:28:08 to 0:28:29( Edit History Discussion )

Bob Corker: weep don't tell people -- we don't tell people what they need to hear. instead we try to give them what they wish without any degree of discipline. and what this amendment does is try to restore within the housing market a focus on the core issue that took us into this crisis. something that many people in this body do not want to discuss, than is a fact that there were a lot of loans

Bob Corker

0:28:30 to 0:28:51( Edit History Discussion )

Bob Corker: written to people that had no ability whatsoever to pay them back. and so this amendment does some very simple things. number one, it requires a very modest 5% downpayment for new home mortgages. if someone borrows more than 80% loan to value, it requires a credit enhancement, something that's been part of the american

Bob Corker

0:28:52 to 0:29:13( Edit History Discussion )

Bob Corker: psyche for a long, long time. believe it or not it asks that the be fully documented income including credit history and employment hisry. gosh, what a -- what a -- what a big issue that would be just to know that someone had the ability to -- to pay back the loan. and then a method for determining the borrower's

Bob Corker

0:29:14 to 0:29:34( Edit History Discussion )

Bob Corker: ability to repay including consideration, which is very important of their debt to income ratio. so, mr. president, this would be done it does not apply to v.a. or rural housing administration mortgages. it does give an exemption for organizations lik habitat an enterprise and others that allow homeowners to use sweat equity

Bob Corker

0:29:35 to 0:29:56( Edit History Discussion )

Bob Corker: to actually build up a -- some equity in a home. mr. president, this is a commonsense amendment. and while i respect senators on the other side of the aisle, senator merkle klobuchar that have worked on side, i do want to say to the people in this body that while

Bob Corker

0:29:57 to 0:30:10( Edit History Discussion )

Bob Corker: that is a good-intentioned amendment, what it does -- what it does is build on the construct of the dodd bill where, in essence, we are giving to this new consumer protection agency the ability to look to do loan underwriting. i think that's a dangerous path

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