Video archive of the US Congress

Senate Proceeding on Jun 19th, 2008 :: 6:52:29 to 6:55:08
Total video length: 9 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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6:52:15 to 6:52:29( Edit History Discussion )

other elements of the legislation we passed back in april which were bundled together with legislation that i just described on the last chart, move f.h.a. into the 21st century, provide out $150

Bob Corker

6:52:29 to 6:52:43( Edit History Discussion )

Bob Corker: million for mortgage counseling. you've probably seen on televisions commercials that say, "having trouble on your home? facing foreclosure? facing bankruptcy. call this number." you always wonder, is that

Bob Corker

6:52:29 to 6:55:08( Edit History Discussion )
Speech By: Bob Corker

Bob Corker

6:52:43 to 6:53:05( Edit History Discussion )

Bob Corker: the number of a scoundrel, somebody that is unscrupulous or is that somebody who will be there to help a person in distress? we're providing through this legislation about $150 million for somebody to actually

Bob Corker

6:53:05 to 6:53:22( Edit History Discussion )

Bob Corker: be there to help. and when the phone rings at the other end of the line, somebody will answer the phone who is a trained housing counselor who can help a person avoid foreclosing their home, avoid losing

Bob Corker

6:53:22 to 6:53:36( Edit History Discussion )

Bob Corker: their home. finally, we provide in this legislation something like $4 billion for cdbg, community development block grants, so state and local governments, city governments can help take properties

Bob Corker

6:53:36 to 6:53:51( Edit History Discussion )

Bob Corker: that are in foreclosure, that are really decaying in a neighborhood or damaging the value of a whole community, that communities, counties, cities can actually buy those properties, fix them up and get them

Bob Corker

6:53:51 to 6:54:09( Edit History Discussion )

Bob Corker: sold and back out into the marketplace and have a homeowner in that home. i think you can take that one down. thanks very much. the last thing i want to mention is that the -- this housing package

Bob Corker

6:54:09 to 6:54:28( Edit History Discussion )

Bob Corker: that we're passing goes even further to create a new voluntary program within f.h.a. to help those folks that are in upside down mortgage situations. they owe more than the house is worth. and what our

Bob Corker

6:54:28 to 6:54:45( Edit History Discussion )

Bob Corker: legislation calls for is something we call a hope for homeowners, where a number of people are asked to take a financial haircut. not a real haircut, but a financial haircut. people who are homeowners,

Bob Corker

6:54:45 to 6:55:08( Edit History Discussion )

Bob Corker: willing to take a little financial haircut, the lenders, the investors as well, willing voluntarily to take a financial haircut. in return, the homeowner agrees to share the home that they would continue

Jack Reed

6:55:08 to 6:55:27( Edit History Discussion )

Jack Reed: to own. the depreciation value, home prices rebound, they would agree to share future appreciation value with the f.h.a. this program is not intended to bail out investors or borrowers. let me be clear,

Jack Reed

6:55:08 to 6:57:39( Edit History Discussion )
Speech By: Jack Reed

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