Senate Proceeding on Jul 23rd, 2008 :: 3:44:56 to 3:55:29
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3:31:39 to 3:44:56( Edit History Discussion )
Speech By: Pete Domenici

3:44:38 to 3:44:56( Edit History Discussion )

Pete Domenici: side is willing and the chairman of the committee's willing, justin invite me. i'll be there. maybe we can doe it. thus far, it sometimes me it was not possible so we're trying the best we can to do the

3:44:56 to 3:45:08( Edit History Discussion )

Robert P. Casey, Jr.: work for the american people and that means good amendments to a pending bill. which we did not bring up but it is there for us to use pursuant to our rules. i yield the floor.| a senator: mr. president?

3:44:56 to 3:55:29( Edit History Discussion )
Speech By: Robert P. Casey, Jr.

3:45:08 to 3:45:21( Edit History Discussion )

Robert P. Casey, Jr.: the presiding officer: the senator from pennsylvania. mr. casey: mr. president, i ask that i be granted the opportunity to speak as if in morning business for up to 10 minutes. the presiding officer:

3:45:21 to 3:45:36( Edit History Discussion )

Robert P. Casey, Jr.: without objection, so ordered. mr. casey: mr. president, thank you very much. i rise today to talk about the housing crisis which has gripped the united states for many, many months now. more than a

3:45:36 to 3:45:50( Edit History Discussion )

Robert P. Casey, Jr.: year. but especially to talk today about the bipartisan work that's been done here in the senate and across the -- across the capitol and the house. i want to commend the work of chairman dodd, ranking

3:45:50 to 3:46:06( Edit History Discussion )

Robert P. Casey, Jr.: member shelby here in the banking committee. as well as chairman frank on the house side. on their efforts to put together a bipartisan piece of housing legislation which will have the effect of stemming

3:46:06 to 3:46:22( Edit History Discussion )

Robert P. Casey, Jr.: the tide of foreclosures and bring some -- some measure of relief to families across america. we know that the -- the data -- the statistics, it bears repeating. that every day in america, every

3:46:22 to 3:46:37( Edit History Discussion )

Robert P. Casey, Jr.: week day, only because our courthouses are not open on saturday and sunday. every week day in america some 8,500 families begin the foreclosure process or take some step in the process of being

3:46:37 to 3:46:52( Edit History Discussion )

Robert P. Casey, Jr.: thrown into that nightmare of foreclosure. every day that happens. and no day does it not happen. so we're thinking today about those families and about their problems and their lives. we also think

3:46:52 to 3:47:07( Edit History Discussion )

Robert P. Casey, Jr.: about the necessity of this legislation on a lot of days, but just today "the new york times" reported that the average 30-year fixed mortgage rate went from -- just from last week, went from 6.44%

3:47:07 to 3:47:17( Edit History Discussion )

Robert P. Casey, Jr.: to 6.71%. just in matter of days going up by that much. so for a lot of those families the interest rates are going up. the misery and the nightmare of foreclosure is overwhelming them. and is incumbent

3:47:17 to 3:47:29( Edit History Discussion )

Robert P. Casey, Jr.: upon the united states senate and the house and the administration to do something about it. not just to keep talking about it, but to do something about it. unfortunately there are people who have

3:47:29 to 3:47:46( Edit History Discussion )

Robert P. Casey, Jr.: done just -- fortunately there are people who have done just that. one of the elements, of course, is dealing with the crisis which has gripped the two largest providers of mortgages, two entities

3:47:46 to 3:48:05( Edit History Discussion )

Robert P. Casey, Jr.: in our system that provide as much as $5 trillion. it is hard to comprehend that number, trillion with a "t" of our mortgages, fannie and freddie as we know them by their commonly known names, using

3:48:05 to 3:48:17( Edit History Discussion )

Robert P. Casey, Jr.: that terminology. in the first-quarter of this year, 70% -- 70% of all new mortgages were provided by -- by fannie and freddie. these two government-sponsored enterises have a tremendous impact

3:48:17 to 3:48:28( Edit History Discussion )

Robert P. Casey, Jr.: on our mortgage market. but also have a tremendous impact on our economy here at home and, in fact, around the world. we cannot let them fail. some people will talk about what secretary paulson has

3:48:28 to 3:48:41( Edit History Discussion )

Robert P. Casey, Jr.: proposed and what others have proposed about fannie and freddie and they'll say, how much does it cost? that's an appropriate question. and there are a -- there are a series of questions that i asked

3:48:41 to 3:48:53( Edit History Discussion )

Robert P. Casey, Jr.: that i will get to in a moment. the other question that we need to ask is, what is the cost of letting them fail. that's why this bipartisan effort is so important. i want to comment secretary paulson

3:48:53 to 3:49:04( Edit History Discussion )

Robert P. Casey, Jr.: for doing an extraordinarily difficult job under difficult circumstances. he has worked hard. he has tried to find common ground. i haven't always agreed with him. i'm sure that he hasn't always agreed with

3:49:04 to 3:49:18( Edit History Discussion )

Robert P. Casey, Jr.: me and every member in the sene and the house. i think that he has worked hard with both parties to try to work something out. it is very simple. if fannie and freddie are going to come t o the congress

3:49:18 to 3:49:30( Edit History Discussion )

Robert P. Casey, Jr.: and say, "we need your help. we need a line of credit and we need to have the authority to purchase equity." and then we say, "ok. the last time we checked, we were elected by taxpayers. if you're

3:49:30 to 3:49:41( Edit History Discussion )

Robert P. Casey, Jr.: going to ask us for help, we're going to ask you questions and demand that you put on the table and we put into any agreement the kind of principles that any taxpayer should have right to expect." that's

3:49:41 to 3:49:55( Edit History Discussion )

Robert P. Casey, Jr.: the exchange. they wan t help and we'll give them help. it is important to make sure that they don't fail. if they're going to get the help, then they have to put some principles in place. so fannie and freddie,,

3:49:55 to 3:50:09( Edit History Discussion )

Robert P. Casey, Jr.: those major organization, institutions, really, they have to -- they have to bring some measure of accountability to their own practices, their own practices. i looked at a chart just yesterday using --

3:50:09 to 3:50:25( Edit History Discussion )

Robert P. Casey, Jr.: i'm using round numbers, but they're not off by very much to generalize here. if you look at the top peoplet fannie and freddie, about 13 people w hen you add up bonuses and salaries and other incentives,

3:50:25 to 3:50:39( Edit History Discussion )

Robert P. Casey, Jr.: it's about $76 million in 2007. so if 13 people are getting getting $76 million in one year, you better believe taxpayers have an interest in this. and i think fannie and freddie have still a ways to go

3:50:39 to 3:50:53( Edit History Discussion )

Robert P. Casey, Jr.: even if the house does their job today and passes this legislation, even if the senate passes it, they have to prove -- fannie and freddie have to prove to taxpayers, these two mortgage giants, have to prove

3:50:53 to 3:51:06( Edit History Discussion )

Robert P. Casey, Jr.: to taxpayers that they're going to be accountable. and that's not just symbolic. they have to put practices in place and measures in place. i've asked for that. i've said if -- if -- that both of

3:51:06 to 3:51:19( Edit History Discussion )

Robert P. Casey, Jr.: them should pursue litigation if it takes that to recover excess bonuses and they should make sure what they're making any agreement on -- on stock purchases or any other benefit to their executives,

3:51:19 to 3:51:34( Edit History Discussion )

Robert P. Casey, Jr.: that they have to consider steps that will hold them accountable. in addition to all of the other safeguards that the taxpayers have a right to expect if taxpayers are going to help them. and, again,

3:51:34 to 3:51:46( Edit History Discussion )

Robert P. Casey, Jr.: i support. it i support making sure we don't let these two -- these two fail. but taxpayers have an interest here. one of the other features of the bipartisan legislation is that in order for fannie

3:51:46 to 3:51:59( Edit History Discussion )

Robert P. Casey, Jr.: and freddie to work well, in order for them to be effective in the mortgage market, we've got to have a tough, independent regulator for both of them. and that's why we've worked out. we worked that

3:51:59 to 3:52:12( Edit History Discussion )

Robert P. Casey, Jr.: out in the banking committee and the presiding officer knows well of our work. and we've worked that out as part of the legislation, but it's critically important, i think, that the american people

3:52:12 to 3:52:24( Edit History Discussion )

Robert P. Casey, Jr.: kneow that part of the -- of the nonfannie and freddie part of this housing legislation is a provision that speaks to how we regulate their activities and in addition to working on any kind of help

3:52:24 to 3:52:39( Edit History Discussion )

Robert P. Casey, Jr.: that we're going to give fannie and freddie, we have some -- the banking committeeom and people in this chamber have a real concern about making sure that we have a strong, independent regulator in

3:52:39 to 3:52:55( Edit History Discussion )

Robert P. Casey, Jr.: place. two more points. one is on community development block grants. thank goodness that apparently secretary paulson and others, i and others, have called upon the president to lift his veto threat and

3:52:55 to 3:53:07( Edit History Discussion )

Robert P. Casey, Jr.: to stop using help for local communities as an impediment to signing housing legislation which is needed to stop the 8,500 foreclosures every day of every week. apparently from what we hear today, the

3:53:07 to 3:53:21( Edit History Discussion )

Robert P. Casey, Jr.: president has lifted his veto threat. thank goodness for the housing market. but more so thank goodness for families across america. especially those who might be one of those 8,500 families every

3:53:21 to 3:53:30( Edit History Discussion )

Robert P. Casey, Jr.: day of every week in the near term. before families fall into that -- that dark hole, that nightmare, we hope that this legislation will help. community development block grants are one way to help

3:53:30 to 3:53:42( Edit History Discussion )

Robert P. Casey, Jr.: here. there's no reason why local communities should not have -- those who have local officials who are closest to the problems and closest to the people. there's no reason why they shouldn't get

3:53:42 to 3:53:59( Edit History Discussion )

Robert P. Casey, Jr.: the help that they need through this legislation. there's a lot of -- a lot of other things that we could talk about in the legislation, but i just want to commend the work that's been done by the committee,

3:53:59 to 3:54:10( Edit History Discussion )

Robert P. Casey, Jr.: the banking committee, by chairman dodd, chairman shelby, or ranking member shelby i should say and chairman frank on the house side. because this, in the end, is not just about some fannie mae or freddie

3:54:10 to 3:54:23( Edit History Discussion )

Robert P. Casey, Jr.: mac issue. it is not about a distant theoretical housing issue. it is about real lives and real families. many of whom are not just struggling with impending foreclosure and the devastation that that

3:54:23 to 3:54:37( Edit History Discussion )

Robert P. Casey, Jr.: can bring to a family. this is about families, also, that are paying the highest gasoline prices we've ever seen in american history, paying higher health care costs, paying higher college tuition costs.

3:54:37 to 3:54:48( Edit History Discussion )

Robert P. Casey, Jr.: paying the higher costs of food. so this is one of many problems that has been heaped upon middle class families in america and low income families. so this legislation will provide some relief and

3:54:48 to 3:55:00( Edit History Discussion )

Robert P. Casey, Jr.: i'm thankful that the house is working on it today and i look forward to passage -- prompt passage in the senate and having esident bush sign it into law. mr. president, i yield the floor. a senator: mr.

3:55:00 to 3:55:14( Edit History Discussion )

Robert P. Casey, Jr.: president? the presiding officer: the senator from louisiana. ms. landrieu: i thank the president. i come to the floor to speak basically about the need for more energy production in this country as well

3:55:14 to 3:55:29( Edit History Discussion )

Robert P. Casey, Jr.: as more conservation. but before i do, i'd like to followup on the comments of my colleague from pennsylvania. because this housing bill that we have all worked on for quite some time now is hopefully

3:55:29 to 3:55:49( Edit History Discussion )

Mary Landrieu: going to be passed by the house. the president has withdrawn his threatened veto. and it looks like this major piece of reform will finally come to pass. and i wanted to just to come to the floor

3:55:29 to 4:07:21( Edit History Discussion )
Speech By: Mary Landrieu