Senate Proceeding on Jun 19th, 2008 :: 0:45:26 to 0:50:04
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0:03:27 to 0:45:26( Edit History Discussion )
Speech By: Christopher Dodd

0:45:12 to 0:45:26( Edit History Discussion )

Christopher Dodd: been a great member of this committee and he has worked awfully hard to come to this moment. i am grateful for harry reid and mitch mcconnell for bringing this forward. mr. shelby: i'm pleased it

0:45:26 to 0:45:38( Edit History Discussion )

Richard Shelby: join my colleague, senator chris dodd, chairman of the banking committee. the banking committee, mr. president, has devoted considerable time and unfortunate to developing a comp hence you have comp -- comprehensive

0:45:26 to 0:50:04( Edit History Discussion )
Speech By: Richard Shelby

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Richard Shelby: housing legislation here. the propped legislation's most significant provisions include a new regulatory structure for fannie mae, freddie mac, and the federal home loan bank system, a new program to help

0:45:55 to 0:46:08( Edit History Discussion )

Richard Shelby: qualified whom owners stay in their homes and reform of the f.h.a.~ mr. president, this legislation creates a new regulator that has the authority and the flexibility to regulate the g.s.e.'s appropriately.

0:46:08 to 0:46:23( Edit History Discussion )

Richard Shelby: i'm also pleased that the hope for homeowners proposal is paid for, not by taxpayers' money either. i believe we should do what we can to help struggle ing homeowners. short of asking the taxpayers to

0:46:23 to 0:46:38( Edit History Discussion )

Richard Shelby: foot the bill. mr. president, the legislation also provides immediate help to the marketplace by reforming the federal housing administration, allowing it to provide greater liquidity and thereby enhancing the

0:46:38 to 0:46:57( Edit History Discussion )

Richard Shelby: options available to america america's homeowners. mr. president, it also provides additional funding for foreclosure prevention counseling, which will hopefully help homeowner stay current on their mortgages

0:46:57 to 0:47:11( Edit History Discussion )

Richard Shelby: and able to remain in their homes. mr. president, in order to prevent this situation from repeating itself, the legislation increases the dis disclosures made to consumers obtaining mortgages. i believe,

0:47:11 to 0:47:27( Edit History Discussion )

mr. president, that giving consumers more information and greater ability to understand the choices they're making will help them a avoid the pitfalls and bad decisions many underinformed consumers

0:47:27 to 0:47:40( Edit History Discussion )

Richard Shelby: made in the recent past. mr. president, to better protect our soldiers, sailors, and airmen, this legislation extends additional consumer protections and provides those returning from combat a chance to

0:47:40 to 0:47:54( Edit History Discussion )

Richard Shelby: get back on their feet before they face foreclosure of their homes. mr. president, in an effort to provide communities with the ability to clean up the damage cause ed by foreclosures that have already

0:47:54 to 0:48:05( Edit History Discussion )

Richard Shelby: occurred, we've also included funding to allow states and communities to buy up and repair foreclose ed residencies. attached to this funding is a requirement here -- and i think this is important,

0:48:05 to 0:48:19( Edit History Discussion )

Richard Shelby: mr. president -- that any profits from the sales of properties must be use ed to buy and repair additional properties. i believe that reuse of this funding in this manner will maximize the impact of

0:48:19 to 0:48:31( Edit History Discussion )

Richard Shelby: these dollars and minimize the possibility that funds will be waste ed or profits inappropriate inappropriately pocketed by someone. the bill also contains a number of tax-relate ed provisions prepared

0:48:31 to 0:48:42( Edit History Discussion )

Richard Shelby: in a bipartisan fashion by the chairman and the ranking member and the staffs of th finance committee. mr. president, while there are large and growing -- while there are a large and growing number

0:48:42 to 0:48:54( Edit History Discussion )

Richard Shelby: of homes entering foreclosure in this country, we must remember that the vast majority of homeowners are living within their means and making their mortgage payments. therefore, my primary consideration

0:48:54 to 0:49:07( Edit History Discussion )

Richard Shelby: here during negotiations on this bill has been to protect the american taxpayer. in creating a strong regulator for the g.s.e.'s and use ing an independent funding funding stream to pay for the f.h.a.

0:49:07 to 0:49:20( Edit History Discussion )

Richard Shelby: program, i believe we've met tt goal. when crises such as this one we're face ing now in this country country, i believe that the american people expect us to pride effective and timely solutions solutions

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Richard Shelby: the best we can. chairman dodd and i have worked together to develop a package of targeted measures intended to stablize and strengthen the housing financial markets. i strongly urge my colleagues to

0:49:35 to 0:49:47( Edit History Discussion )

Richard Shelby: support this carefully crafted compromise, and i would remind my colleagues that this bill came out of the banking committee 19-2. that's a strong vote for a bipartisan measure. i yield the floor.

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Richard Shelby: mr. dodd: mr. president, i thank my colleague from alabama. just to -- and i'll place in the record here -- but to give our colleagues some sense of the broad support that this proposal has developed

0:50:04 to 0:50:21( Edit History Discussion )

Christopher Dodd: here, just let me quote from several of our major editorials as well as major economists representing the spectrum politically in our country. i'll share with you alex pollock from the american

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Speech By: Christopher Dodd