Senate Proceeding on Jun 19th, 2008 :: 3:46:49 to 3:49:47
Total video length: 9 hours 29 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Download OptionsEmbed Video

Views:39 Duration: 0:02:58 Discussion

Previous speech:

Next speech:

3:39:05 to 3:46:49( Edit History Discussion )
Speech By: Christopher Dodd

3:46:36 to 3:46:49( Edit History Discussion )

Christopher Dodd: their ideas are a very strong complement to what we're trying to achieve with mortgage revenue bonds and taxes incentives for those who acquire foreclosed property, i think, are very helpful. they

3:46:49 to 3:47:01( Edit History Discussion )

Richard Shelby: disregarded some earlier provisions included in the tax proposals. and, candidly, madam president, i think those ideas being kept out of this bill are healthy. i don't dwell on it. but, frankly, i think

3:46:49 to 3:49:47( Edit History Discussion )
Speech By: Richard Shelby

3:47:01 to 3:47:17( Edit History Discussion )

Richard Shelby: their appraisal of the various ideas are very, very constructive. so we thank the tax-writing committee. the finance committee has done a very, very good job in complementing what we're trying to

3:47:17 to 3:47:34( Edit History Discussion )

Richard Shelby: do from the banking committee perspective. senator johnny isakson of georgia deserves a great deal of credit. actually he was the one who brought up the idea trying to create some incentives for

3:47:34 to 3:47:50( Edit History Discussion )

Richard Shelby: those who might purchase foreclosed property. he, in his previous life, worked in this area and has a firm knowledge of it. and so his cooperation on that, as well as other aspects of the bill, and

3:47:50 to 3:48:03( Edit History Discussion )

Richard Shelby: his endorsement and support of this legislation as intentioned to back it is a further indication of the effort we've made here on a bipartisan basis to make this a good bill not just because it

3:48:03 to 3:48:16( Edit History Discussion )

Richard Shelby: has bipartisan support, but i think that's indicative of the kind of effort that's been made. it brings us to the moment we're in. i note this morning's local newspaper here, "the washington post,"

3:48:16 to 3:48:27( Edit History Discussion )

Richard Shelby: the leading headline, "d.c. region's foreclosure rate soars. the report reveals foreclosures in the washington region have been increasing at a surprisingly quick pace, outstripping those of most major metropolitan

3:48:27 to 3:48:43( Edit History Discussion )

Richard Shelby: areas." the article goes on to point out that while foreclosures have -- were practically nonexistent in washington 18 months ago, it is now very prevalent and way above the national, the national

3:48:43 to 3:48:56( Edit History Discussion )

Richard Shelby: average. just to further point out, not because this is unique to hear but makes the point, as i showed earlier this morning, madam president, with the graph we put up, we now have the numberser for

3:48:56 to 3:49:07( Edit History Discussion )

Richard Shelby: may, and the foreclosure rates. over 8,400 people are going to foreclosure every single day in america. that number was below 8,000. it was in the mid, i think, 7,500 areas only a few weeks ago. and so those

3:49:07 to 3:49:47( Edit History Discussion )

Richard Shelby: who would suggest that we just ought to wait this out or see what happens down the road, you explain that to the 8,000 families today who may lose their home, the 8,000 tomorrow and the following day