Senate Proceeding on Jun 19th, 2008 :: 8:08:16 to 8:16:23
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8:06:41 to 8:08:16( Edit History Discussion )
Speech By: Jim Bunning

8:08:02 to 8:08:16( Edit History Discussion )

Jim Bunning: foreclosure problem, we don't use public funds. this is a way in which we can accommodate many objectives. helping people facing foreclosure temporarily without using public funds and in the long

8:08:16 to 8:08:27( Edit History Discussion )

Richard Shelby: term creating a permanent, affordable housing trust fund. there is no place in this country, none of my colleagues have places where the constituents aren't coming up and saying, "we need a little

8:08:16 to 8:16:23( Edit History Discussion )
Speech By: Richard Shelby

8:08:27 to 8:08:41( Edit History Discussion )

Richard Shelby: help. the rent's going up, we can't afford it. we're on the street. please help us." that will not expire whenxp this foreclosure crisis is over. let me also say i think it is entirely appropriate that

8:08:41 to 8:08:54( Edit History Discussion )

Richard Shelby: fannie mae and freddie mac participate. they are charted originally at quasi public entities. we continue to give them affordable housing responsibilities. that is part of their mission, part of their mandate.

8:08:54 to 8:09:08( Edit History Discussion )

Richard Shelby: and some would say, well, listen, if that's the case, just let them decide what they want to do. well, we spent years creating this program, and one of the critics -- criticisms, rather, of this program

8:09:08 to 8:09:21( Edit History Discussion )

Richard Shelby: is that if you gave fannie and freddie or require them to spend the money, it would be politicized that they would pick and choose the winners and losers, not based upon needs in certain parts of

8:09:21 to 8:09:33( Edit History Discussion )

Richard Shelby: the country but because of political advantage. and that was a criticism that was advanced most strenuously by my republican colleues. so we have created a program in which this program is lodged in the

8:09:33 to 8:09:48( Edit History Discussion )

Richard Shelby: treasury. if the bond amendment passes, we are giving up the last chance we have for affordable housing in this country. and i would urge opposition. thank you. the presiding officer: the senator from

8:09:48 to 8:10:03( Edit History Discussion )

alabama. all time yielded back. mr. dodd: i ask for the yeas and nays. the presiding officer: is there a second? the question is on the bond amendment. mr. dodd: which number? the presiding officer:

8:10:03 to 8:10:19( Edit History Discussion )

number 4986. bond amendment number 4986. mr. dodd: ask for the yeas and nays. the presiding officer: as modified. the yeas and nays have been requested, and there was a sufficient second. the cl erk

8:10:19 to 8:10:36( Edit History Discussion )

will call the roll. vote: | vote: ~ vote: the presiding officer: is there any senator in the chamber who wishes to vote or to change their vote? on thi s vote, the yeas are 11, the nays are 77. one

8:10:36 to 8:10:50( Edit History Discussion )

senator voted "present." the amendment is not agreed to. could we please have order. could the senators, please, take conversations outside so we can hear from the senator from connecticut. mr. dodd:

8:10:50 to 8:11:04( Edit History Discussion )

Richard Shelby: move to lay it on the table. the presiding officer: without objection, so ordered. there are two minutes evenly divided. the senator from connecticut. mr. dodd: map, let he briefly say to my colleagues

8:11:04 to 8:11:14( Edit History Discussion )

Richard Shelby: this is the second bond amendment. this eliminates the hope for homeowners act, the centerpiece of this major piece of legislation. this is an idea recommended to us by a broad spectrum. the presiding

8:11:14 to 8:11:25( Edit History Discussion )

Richard Shelby: officer: please continue. mr. dodd: had is an idea recommended to us -- this is an idea recommended to us by a broad spectrum of people dealing with the issue of how we keep peop in their homes. this

8:11:25 to 8:11:44( Edit History Discussion )

Richard Shelby: idea is endorsed by the consume federation of america, and many other groups and organizations that have suggested this idea could possibly keep as many as 400,000 to 500,000 people in their homes.

8:11:44 to 8:11:57( Edit History Discussion )

Richard Shelby: every day in the month of may, 8,427 people filed foreclosure. every single day. the presiding officer: could we please have order. mr. dodd: every day, madam president, over 8,000 people are filing foreclosure

8:11:57 to 8:12:09( Edit History Discussion )

Richard Shelby: in our country. every day that goes on we fail to take a step to keep people in their homes and get our economy on its feet, a day is lost and it evening detainers our economy -- it endangers our

8:12:09 to 8:12:26( Edit History Discussion )

Richard Shelby: economy. the bond amendment strips this from the act. we have had extensive hearings on it. it is a bipartisan proposal that we hope will make a difference in our country. what better step could we

8:12:26 to 8:12:39( Edit History Discussion )

Richard Shelby: take this evening than to endorse the idea that we will do everything we can to keep homeowners in their homes. madam president, after senator bond i want to make a point of order. the presiding ofcer:

8:12:39 to 8:12:51( Edit History Discussion )

Richard Shelby: the senator from missouri. mr. bond: , madam president, we passed a bill so say we would authorize $10 million for agencies to help finance owners facing foreclosure. a good approach. this is a disaster.

8:12:51 to 8:13:02( Edit History Discussion )

Richard Shelby: c.b.o. said the lenders, the people, some of whom made some of the bad loans in the first place, will dump the worst of their worse lones on f.h -- worse lones loans. last week, f.h.a. announced

8:13:02 to 8:13:18( Edit History Discussion )

Richard Shelby: $4.6 billion in losses, 2% of reserves -- 22% of reserves maintaining questions on solvency. 35% of the loans under the hope for homeownership has been bad. the defaults would hurt the f.h.a. this provision

8:13:18 to 8:13:29( Edit History Discussion )

Richard Shelby: would allow lenders like countrywide financial which had 11% of the subprime market and, according to the papers, has $30 billion of the worst loans, to dutch those on the -- to dump those on the

8:13:29 to 8:13:41( Edit History Discussion )

Richard Shelby: f.h.a. i urge support. mr. dodd: i raise a point of order this violates the concurrent resolution on the budget for fiscal year 2008, the pay-go point of order. mr. bond: madam president, i move to waive

8:13:41 to 8:13:56( Edit History Discussion )

Richard Shelby: the point of order of the congressional budget act with respect to the amendments and i ask for the yeas and nays. the presiding officer: is there a sufficient second? there is a sufficient second.

8:13:56 to 8:14:10( Edit History Discussion )

Richard Shelby: the clerk will call the roll. vote: | vote: the presiding officer: are there any senators in the chamber wishing to vote or change their vote? on this vote, the yeas are 21, the nays are 69. fleefs

8:14:10 to 8:14:26( Edit History Discussion )

Richard Shelby: of the senators duly chose -- three-fifths of the senators duly chosen and sworn not having voted in the affirmative, the motion is not agreed to. the point of order is sustained and the amendment

8:14:26 to 8:14:37( Edit History Discussion )

Richard Shelby: falls. mr. dodd: mr. president? the presiding officer: the senator from connecticut. mr. dodd: mr. president, my good friend, the senator fromat iowa, senator grassley, asked if he could speak for a couple

8:14:37 to 8:14:48( Edit History Discussion )

Richard Shelby: of minutes -- two or three mns on an unrelate ed amendment. the presiding officer: the senator from iowa. grass mr. grassley: i ask unanimous consent to speak for three minutes in morning business.

8:14:48 to 8:15:02( Edit History Discussion )

Richard Shelby: the presiding officer: without objection. mr. grassley: i come to the floor today to give my colleagues an update on the devastate ing floods in iowa, but you can also say a lot of the midwest. the

8:15:02 to 8:15:20( Edit History Discussion )

Richard Shelby: president is seeing the floods for the first time today. i appreciate senator harkin being there with him. senator harkin and i are working closely together to make sure that every base is covered. we've

8:15:20 to 8:15:33( Edit History Discussion )

Richard Shelby: traveled throughout iowa last weekend. ware a meeting regularly to sort through everything that needs to happen and today we're covered with him and i with the -- i with the president and him

8:15:33 to 8:15:43( Edit History Discussion )

Richard Shelby: with the senate. the president has already named 55 of our 99 counties as federal disaster areas. more need to be named and i think he'll he will you'll see today the need to continue these declarations.

8:15:43 to 8:15:56( Edit History Discussion )

Richard Shelby: during our tours through several communities last week and hopefully again this weekend, we were pleased to see a great deal of coordination between fema, s. s.b.a. and other local officials officials. it

8:15:56 to 8:16:10( Edit History Discussion )

Richard Shelby: sounded as though if they were all talking with one voice, which is comforting to iowans looking for guidance and support and particularly it looks a lot different than during katrina when it seemed like

8:16:10 to 8:16:23( Edit History Discussion )

Richard Shelby: that wasn't particularly the case. today many people are just start starting to get back into their homes and businesses north of iowa city. receding waters are bringing further heart 13 heartaches

8:16:23 to 8:16:35( Edit History Discussion )

Charles Schumer: has resident salvage what they can and then throw away what was destroyed by the floodwaters. these are the luck lucky ones. many are determine ing whether they can salvage the house, let alone

8:16:23 to 8:20:15( Edit History Discussion )
Speech By: Charles Schumer