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Senate Proceeding on May 12th, 2010 :: 1:42:00 to 1:44:25
Total video length: 10 hours 56 minutes Stream Tools: Stream Overview | Edit Time

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Johnny Isakson

1:41:58 to 1:42:18( Edit History Discussion )

Johnny Isakson: it and grateful for the expertise of the senator from louisiana. i yield. the presiding officer: the senator mr. isakson: first of all, i appreciate the kind remarks of to the senator from louisiana and e senator from virginia. i would like to ask unanimous consent, if it's okay with senator landrieu, that senator

Johnny Isakson

1:42:00 to 1:44:25( Edit History Discussion )
Speech By: Johnny Isakson

Johnny Isakson

1:42:19 to 1:42:40( Edit History Discussion )

Johnny Isakson: grassley of iowa be added as cosponsor of the amendment. i appreciate that sponsorship. the presiding officer: without objection. mr. isakson: the committee did a great job by requiring some loans would never occur again. the only problem is you wouldn't have good loans because you can't make it work with a 5% risk retention.

Johnny Isakson

1:42:41 to 1:43:01( Edit History Discussion )

Johnny Isakson: as i've cautioned all of my colleagues, in the 1980's when the savings and loan industry failed, they had 100% risk retention. risk retention is not the cure-all to good lending. underwriting is. the senator from louisiana and the other sponsors of this bill are ensuring that people who

Johnny Isakson

1:43:02 to 1:43:22( Edit History Discussion )

Johnny Isakson: have incomes that are verified. they'll ensure they have ratios that meet the tolerance levels for a qualified loan. many are not borrowing more than you can pay back. they will ensure that there is equity of 20% in every loan made either through the down payment being 20% or through whatever down payment's made having mortgage guarantee insurance on

Johnny Isakson

1:43:23 to 1:43:43( Edit History Discussion )

Johnny Isakson: the amount above 80 and up to the down payment, which is the way things used to work. in other words, the underlying lender is never at risk for more than 80. re than 80 is made by the borrower, there is mortgage guarantee insurance which means if there is a insurance is made immediately.

Johnny Isakson

1:43:44 to 1:44:05( Edit History Discussion )

Johnny Isakson: wh senator landrieu is saying is we're not going back when we make zero down, interest-only, reverse amortization loans anymore. but we are going to make the good old days loan, where there is a down payment, where there's skin in the game, where there's an income-to-debt ratio and where the borrower is qualified to borrow the money that they're borrowing.

Johnny Isakson

1:44:06 to 1:44:26( Edit History Discussion )

Johnny Isakson: the only risk retention that will be required is when somebody is making a bad loan which means people will stop making bad loans which means this bill in this amendment will address the measure that led to the failure in the housing market. i commend senator lan tkpraour

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