Video archive of the US Congress

Senate Proceeding on Jul 15th, 2010 :: 3:32:40 to 3:35:25
Total video length: 9 hours 2 minutes Stream Tools: Stream Overview | Edit Time

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Judd Gregg

3:32:24 to 3:32:44( Edit History Discussion )

Judd Gregg: business and making the fees. and what really aggravated it -- first was the underwriting standards -- was the fact that the loans got securitized. they got picked up by fannie mae and freddie mac with the understanding that fannie mae and freddie mac would ensure these loans so that if you

Judd Gregg

3:32:40 to 3:35:25( Edit History Discussion )
Speech By: Judd Gregg

Judd Gregg

3:32:45 to 3:33:05( Edit History Discussion )

Judd Gregg: bought one of these loans, securitized loans, fannie mae and freddie mac would be standing behind it. even though the loans were not viable. well, this bill ignores both of those issues. it thats a very marginal language on the issue of underwriting p.

Judd Gregg

3:33:06 to 3:33:26( Edit History Discussion )

Judd Gregg: doesn't get us back to standards that would protect us from overaggressive -- people say canada didn't have a problem, australia didn't have a problem. why? because they require people to put "mad money" and they require that people who are borrowing actually pay the money back. seems like a fairly reasonable thing to requirement but this bill ignores it. secondly, this bill does nothing

Judd Gregg

3:33:27 to 3:33:47( Edit History Discussion )

Judd Gregg: about fannie ar freddie. nothing. i mean, you talk about ignoring the elephant in the room, this is the whole herd of elephants in the room. the american taxpayer today is on the hook for something like $500 billion to $1 trillion -- the estimates var some people stey say it is even

Judd Gregg

3:33:48 to 3:34:08( Edit History Discussion )

Judd Gregg: higher than that. the american taxpayer for bad loans, secur securitized by freddie and fannie this bill does nothing. that's the big of the problem we've. not only the biggest problems we've, one of the primary drivers of the financial meltdown, but it is the biggest problem we've going toward.

Judd Gregg

3:34:09 to 3:34:29( Edit History Discussion )

Judd Gregg: and the administration says, oh, we'll do that next year. if you're going to do a financial reform bill without doing freddie and fannie, you aren't doing a financial reform bill at all. and i would apply the same to the issue of underwriting. so in my opinion, this bill has

Judd Gregg

3:34:30 to 3:34:52( Edit History Discussion )

Judd Gregg: some pluses. and i know it was worked very hard and i admire the efforts of the senator from connecticut -- and actually the chairman in the house, senator frank -- congressman frank from massachusetts. but the negatives of this bill, unfortunately, are too significant to ignore,

Judd Gregg

3:34:53 to 3:35:13( Edit History Discussion )

Judd Gregg: especially in the area of the short-term credit contraction that's going to occur, the poorly suctured derivatives language, the consumer protection agency, which i think is going to end up being counterproductive to consumers, and the failure to tank the freddie mac -- the freddie and man knee issue and the -- the freddie and fannie issue and the

Judd Gregg

3:35:14 to 3:35:25( Edit History Discussion )

Judd Gregg: failure to do a stronger underwriting standard. i remain opposed to this bill. i understand it is going to pass and i hope that some of nigh concerns don't come to fruition, because if they do, unfortunately, this economy going to be slowed and our nation will be less viable

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