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Senate Proceeding on Jun 19th, 2008 :: 7:57:40 to 8:03:35
Total video length: 9 hours 29 minutes Stream Tools: Stream Overview | Edit Time

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Harry Reid

7:56:39 to 7:57:40( Edit History Discussion )
Speech By: Harry Reid

Harry Reid

7:57:29 to 7:57:40( Edit History Discussion )

Harry Reid: alabama has 10 minutes remaining, and the senator from connecticut has three minutes remaining.em mr. dodd: i thank you. the presiding officer: the senator from missouri is recognized. mr. bond: madam

Jim Bunning

7:57:40 to 7:57:54( Edit History Discussion )

Jim Bunning: president, i ask unanimous consent to add the senator from wyoming, senator barrasso, as a cosponsor of amendment number 3985. the presiding officer: without objection, so ordered.| mr. bond: to begin, i should

Jim Bunning

7:57:40 to 8:03:35( Edit History Discussion )
Speech By: Jim Bunning

Jim Bunning

7:57:54 to 7:58:06( Edit History Discussion )

Jim Bunning: make some general comments about my concern and my ability to work with the distinguished chairman of the committee on affordable housing programs. we've worked a long time on these programs together, and

Jim Bunning

7:58:06 to 7:58:17( Edit History Discussion )

Jim Bunning: he and i together pushed for $180 million for counseling for families facing foreclosure. and we've gotten that passed. i've been out, talked to the people who are victims, the people who are helping,

Jim Bunning

7:58:17 to 7:58:24( Edit History Discussion )

Jim Bunning: the local officials; and a that's working. and based on what i learned from them, suffering to the people who are suffering from this foreclosure epidemic and from the real problems in the subprime market caused

Jim Bunning

7:58:24 to 7:58:31( Edit History Discussion )

Jim Bunning: by predatory lending, which the senator from maryland, senator mikulski, and i tried to get h.u.d. to stop a few years ago, we came up with a solution. and that solution i offered on the floor here, the security

Jim Bunning

7:58:31 to 7:58:44( Edit History Discussion )

Jim Bunning: against foreclosure and education act, "safe" act, most of which wasas incorporated in the housing bill we passed in april. and i believe those things went at this problem in the right way. we underand

Jim Bunning

7:58:44 to 7:58:59( Edit History Discussion )

Jim Bunning: there's a problem. what i'm saying is i fear that taxing g.s.e.'s or taking money, expropriating money from g.s.e.'s and setting up this hope now program is a false hope, because f.h.a. can't manage

Jim Bunning

7:58:59 to 7:59:14( Edit History Discussion )

Jim Bunning: it, and they are likely to have a tremendous impact on, number one, a potentially on the housing budget coming out of the taxpayers' pockets. we don't have enough money to pay for all the things we

Jim Bunning

7:59:14 to 7:59:30( Edit History Discussion )

Jim Bunning: need to do for public and assisted housing. the "safe" act said reform f.h.a. secure so it could work for somebody who missed a payment or two, lower the g.s.e.'s capital requirements so they

Jim Bunning

7:59:30 to 7:59:45( Edit History Discussion )

Jim Bunning: could help more of their affordable housing program. and also provide $10 billion of authorization for statehousing finance agencies to raise additional funds to refinance these mortgages which are in

7:59:45 to 8:00:01( Edit History Discussion )

default. that, i believe, is the best way to do it, and that's why i am very much concerned that we're going down the wrong road, trying to put a burden on the f.h.a. to do something there t they're not

Jim Bunning

8:00:01 to 8:00:17( Edit History Discussion )

Jim Bunning: up to. i am afraid that the "hope" program is a false hope for 130,000 families who will enter the program and then default and face foreclosure. the hope is that f.h.a. will somehow be able to dispose properly

Jim Bunning

8:00:17 to 8:00:31( Edit History Discussion )

Jim Bunning: of those 130,000 homes while they are trying to manage their portfolio. experience shows that will not work. no matter what kind of board you set up, f.h.a. cannot take on all those additional responsibilities.

Jim Bunning

8:00:31 to 8:00:45( Edit History Discussion )

Jim Bunning: tithis program is far more likely to result in a huge bailout for lend erstwhile protecting a very limited number of homeowners. the congressional budget office -- hear this -- the congressional budget

Jim Bunning

8:00:45 to 8:00:57( Edit History Discussion )

Jim Bunning: office estimates under this program mortgage holders would have an incentive to direct their highest-risk loans to the program. they eimate the cumulative default rate of the hope program would

Jim Bunning

8:00:57 to 8:01:12( Edit History Discussion )

Jim Bunning: be 35% -- one out of three -- worst of the worst loans. f.h.a. would get them. where would they get them? from companies that have been the heart the problem. according to "the wall street journal,"

Jim Bunning

8:01:12 to 8:01:22( Edit History Discussion )

Jim Bunning: countrywidede issued $167 billion -- country wide financial -- $168167 billion, they had 11 -- $168 billion, they had 11% of the subprime problem. so there's $30 billion of bad loans on which countrywide

Jim Bunning

8:01:22 to 8:01:34( Edit History Discussion )

Jim Bunning: is at risk. and this program could be used to refinance all of those programs if a lender or a holder was facing foreclosure, knew he had to go to foreclosure, it costs the -- calculates the cost of

Jim Bunning

8:01:34 to 8:01:49( Edit History Discussion )

Jim Bunning: foreclosure and takes some of that off of the value of the home and refinances it at that value and hands it off to f.h.a.; f.h.a. gets stuck -- gets stuck -- with it. the f.h.a. has shown they cannot

Jim Bunning

8:01:49 to 8:02:03( Edit History Discussion )

Jim Bunning: manage and implement the existing loan activities. you can read the lengthy i.g. reports, the g.a.o. reports. anybody who's looked at the f.h.a. said they can't handle the job now. they have expanded

Jim Bunning

8:02:03 to 8:02:22( Edit History Discussion )

Jim Bunning: from 2% to 6% of the market, and they can't even handle that additional level now. the head of the f.h.a. said that this could be a tremendous burden on his agency, and potentially on the taxpayers. taking --

Jim Bunning

8:02:22 to 8:02:37( Edit History Discussion )

Jim Bunning: if f.h.a. is ultimately heldti at risk for these, they could be in a position where money that would otherwise go to support section 8 vouchers or public housing operating or capital subsidies would

Jim Bunning

8:02:37 to 8:02:50( Edit History Discussion )

Jim Bunning: have to be diverted to f.h.a. to pay back the worst of the worst loans, according to c.b.o., the worst of the worst loans that would be palmed off on the f.h.a. madam president, nobody cares more about

Jim Bunning

8:02:50 to 8:03:03( Edit History Discussion )

Jim Bunning: dealing with and providing as much help as possible to those people who are, unfortunately, facing foreclosure perhaps because of lack of information or even misinformation that was given them about

Jim Bunning

8:03:03 to 8:03:18( Edit History Discussion )

Jim Bunning: the loans into which they entered and the change in the market which caught them unaware, like the situation i discussed earlier today of mr. willie clay, the vietnam veteran, who found his mortgage

Jim Bunning

8:03:18 to 8:03:35( Edit History Discussion )

Jim Bunning: rate, readjusting by 50% higher, which would throw him out of the house. he had an 8.2% rate, and it was going to go up to over 12%. he needs help. these people need help. but, bailing -- let us bail

Jim DeMint

8:03:35 to 8:03:46( Edit History Discussion )

Jim DeMint: out the people who are in trouble through the housing finance -- statehousing finance agencies or f.h.a. secure. don't have f.h.a. set up to take the fall with the worst of the worst loans from lenders,

Jim DeMint

8:03:35 to 8:06:41( Edit History Discussion )
Speech By: Jim DeMint

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