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Senate Proceeding on Jul 26th, 2008 :: 1:30:01 to 1:38:14
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Christopher Dodd

1:30:01 to 1:30:10( Edit History Discussion )

Christopher Dodd: by these nameless and faceless statistics. behind each one of these numbers i've cited here this morning there is a family, a mother, father, children trying to grow up facing unemployment, losing their

Christopher Dodd

1:30:01 to 1:38:14( Edit History Discussion )
Speech By: Christopher Dodd

Christopher Dodd

1:30:10 to 1:30:20( Edit History Discussion )

Christopher Dodd: homes, wondering what the future holds for them. so we talk about these numbers and talk about how important this data is. pause for a minute, if you will, if you're deciding whether or not to support

Christopher Dodd

1:30:20 to 1:30:32( Edit History Discussion )

Christopher Dodd: this bill, and remember, behind every one of those numbers there is an american family that this morning is wondering whether their congress can do anything at all about the problems they face. and

Christopher Dodd

1:30:32 to 1:30:41( Edit History Discussion )

Christopher Dodd: in about 30 minutes we've got an answer for that, i believe, and overwhelmingly to say it's not perfect but we're on your side and we're stepping up, and we want to make a difference to be able to

Christopher Dodd

1:30:41 to 1:30:51( Edit History Discussion )

Christopher Dodd: keep you in your homes and give you a chance to get back on your feet again. that's what this is all about. not the numbers, but those faces, those families out there that are counting on us. in

Christopher Dodd

1:30:51 to 1:31:02( Edit History Discussion )

Christopher Dodd: the face of these daunting challenges, mr. president, i believe we all have a responsibility to act. that is what we're going to do morning by passing this bill. let me quote again mr. gross of

Christopher Dodd

1:31:02 to 1:31:12( Edit History Discussion )

Christopher Dodd: pimco, who wrote this past thursday the omnibus housing g.s.e. bill before the housing and the president is the best way to begin the long journey back to normal in this country. i believe that to be

Christopher Dodd

1:31:12 to 1:31:25( Edit History Discussion )

Christopher Dodd: the case. treasury secretary paulson said a couple weeks ago that the passing of this legislation is the most important thing we can do to address the housing crisis. this legislation will not perform

Christopher Dodd

1:31:25 to 1:31:36( Edit History Discussion )

Christopher Dodd: miracles,. i want the american people to have realistic expectations about what we're about to do. but as others have said it is a step and an important step towards putting our nation on the road to

Christopher Dodd

1:31:36 to 1:31:48( Edit History Discussion )

Christopher Dodd: economic recovery. let me very quickly sum up the legislation before turning to my colleague from alabama. the bill establishes the hope for homeowners act to help at least 400,000 to 500 families stay

Christopher Dodd

1:31:48 to 1:31:58( Edit History Discussion )

Christopher Dodd: in their homes. it does so after asking both lenders and borrowers to make financia sacrifices, and it does so at absolutely no cost to the american taxpayer. the bill creates a new world-class regulator

Christopher Dodd

1:31:58 to 1:32:16( Edit History Discussion )

Christopher Dodd: for fannie mae and freddie mac and the federal home loan banks. recent news makes it clear that these entities need a stronger regulator to ensure that they're viable and healthy institutions able to provide

Christopher Dodd

1:32:16 to 1:32:27( Edit History Discussion )

Christopher Dodd: credit in times of stress, like the ones we're experiencing today. it also raises loan limits from $417,000 to a hive $625,000 so that these government-sponsored enterprises can play a more active role

Christopher Dodd

1:32:27 to 1:32:37( Edit History Discussion )

Christopher Dodd: in stabilizing the housing market. at the request of secretary paulson, the legislation includes stand-by authority for the secretary of the treasury to purchase the stock or debt of the housing g.s.e.'s

Christopher Dodd

1:32:37 to 1:32:49( Edit History Discussion )

Christopher Dodd: only, and only if he finds that such action is necessary to keep the financial markets stable and the mortgage credit flowing in this country. it is our strong expectation that creating this authority

Christopher Dodd

1:32:49 to 1:33:08( Edit History Discussion )

Christopher Dodd: will make it unlikely that it will ever be needed. and as i've said repeatedly, mr. president, the g.s.e.'s have significantly more capital than is required by law. they continue to have open access

Christopher Dodd

1:33:08 to 1:33:22( Edit History Discussion )

Christopher Dodd: to the debt markets and their holdings consistent primarily of 30-year fixed rate mortgages. the bill modernizes the f.h.a. program so that 98% of the counties and 85% of our population will have access

Christopher Dodd

1:33:22 to 1:33:31( Edit History Discussion )

Christopher Dodd: to this important program. f.h.a. has proved its value in the current crisis as it continues to provide a stable source of mortgage credit, even while many other lenders have failed. the bill includes a permanent,

Christopher Dodd

1:33:31 to 1:33:41( Edit History Discussion )

Christopher Dodd: affordable housing fund financed by fannie mae and freddie mac. it will provide tens of thousands of affordable housing units into the future. and i tip my hat again to the presiding officer who

Christopher Dodd

1:33:41 to 1:33:55( Edit History Discussion )

Christopher Dodd: has been a tireless champion on behalf of affordable housing and with the work of senator shelby and senator reid, we have a permanent affordable housing program, the first time ever in the history of

Christopher Dodd

1:33:55 to 1:34:08( Edit History Discussion )

Christopher Dodd: our country. the bill includes new protections for elderly homeowners, taking out f.h.a. insured reverse mortgages so they're not deceives as many have been into using the proceeds of these loans to buy

Christopher Dodd

1:34:08 to 1:34:18( Edit History Discussion )

Christopher Dodd: expensive and needless insurance products. incorporated from a bill introduced by senator mccaskill. it includes a new licensing requirement added by senator martinez with strong support from senator dianne

Christopher Dodd

1:34:18 to 1:34:30( Edit History Discussion )

Christopher Dodd: feinstein of california that would at least begin to address the many abuses of the mortgage process perpetrated by brokers. in addition, it includes improved disclosure requirements added by senator reid

Christopher Dodd

1:34:30 to 1:34:42( Edit History Discussion )

Christopher Dodd: of rhode island and senator bond of missouri. because of the efforts of senator kerry, senator coleman, senar akaka, senator cornyn and setor sanders, the bill expands the availability of the v.a. housing

Christopher Dodd

1:34:42 to 1:34:54( Edit History Discussion )

Christopher Dodd: program. it includes a number of provisions to help returning veterans save their homes from foreclosure and provides new housing benefits to disabled veterans. the legislation includes, mr. president, $3.9

Christopher Dodd

1:34:54 to 1:35:03( Edit History Discussion )

Christopher Dodd: billion in emergency community development block grant funds for areas hard hit by foreclosures to help them purchase and rehabilitate these homes and put them into productive use in their communities.

Christopher Dodd

1:35:03 to 1:35:14( Edit History Discussion )

Christopher Dodd: as "the boston globe" wrote in an editorial earlier this month about this provision -- and i quote -- "the major beneficiaries of this provision would be the urban homeowners who pay their mortgages

Christopher Dodd

1:35:14 to 1:35:26( Edit History Discussion )

Christopher Dodd: diligently yet face declining property values, crime and blight associated with a rash of foreclosures in their neighborhoods or near their homes. this body has repeatedly provided emergency funds

Christopher Dodd

1:35:26 to 1:35:38( Edit History Discussion )

Christopher Dodd: to communities ravaged by floods, hurricanes, and natural disasters. the foreclosure crisis is every bit as much of a disaster. and this is an emergency equally deserving of these funds." finally, mr.

Christopher Dodd

1:35:38 to 1:35:47( Edit History Discussion )

Christopher Dodd: president, the bill includes $150 million in new counseling money. housing counselors have been our troops on the front lines working with troubled borrowers and their lenders. these funds, which were

Christopher Dodd

1:35:47 to 1:35:58( Edit History Discussion )

Christopher Dodd: included at the request of senator murray of washington will result along with senator schumer, will result in tens of thousands of american families being able to keep their homes. mr. president,

Christopher Dodd

1:35:58 to 1:36:08( Edit History Discussion )

Christopher Dodd: let me close by saying again that this legislation is the product of tireless collaboration here in the united states senate and the other body, the house of representatives, at the work of barney

Christopher Dodd

1:36:08 to 1:36:18( Edit History Discussion )

Christopher Dodd: frank and his colleagues on the financial services committee and of course the administration, particularly secretary paulson and his staff, to help develop solutions that will strengthen our economy,

Christopher Dodd

1:36:18 to 1:36:33( Edit History Discussion )

Christopher Dodd: restore confidence in our financial markets and provide urgently needed relief to american families who are struggling to make ends meet. such as outcome could not be possible without the full support

Christopher Dodd

1:36:33 to 1:36:45( Edit History Discussion )

Christopher Dodd: and leadership of my colleague and ranking member, senator shelby. every vote we have taken on this bill from the 19-2 vote in committee to yesterday's 18-30 vote in cloture has been strongly bipartisan.

Christopher Dodd

1:36:45 to 1:36:55( Edit History Discussion )

Christopher Dodd: i think people can take pride in our willingness to work together to get such a good outcome. finally, mr. president, legislation of this magnitude takes hours and hours of staff time to work out.

Christopher Dodd

1:36:55 to 1:37:14( Edit History Discussion )

Christopher Dodd: there's never going to be an adequate expression for senator shelby and i to thank the members of our staff on the senate banking, housing, and urban affairs committee. they have been remarkable in the work

Christopher Dodd

1:37:14 to 1:37:31( Edit History Discussion )

Christopher Dodd: they've done, beginning with the senate staff director: sean myers of my office, along with jonathan miller, am my frend, aaron klein, julie chung, sarah klein, kate sostack, legislative counsel laurie

Christopher Dodd

1:37:31 to 1:37:42( Edit History Discussion )

Christopher Dodd: iyud and rob grant. senator shelby's staff: bill dunky, peggy kuhn. and senator reid's staff, sarah stein has been very helpful in all of this. i want to thank senator harry reid, our majority leader.

Christopher Dodd

1:37:42 to 1:37:53( Edit History Discussion )

Christopher Dodd: without his diligence and patience and determination, we've been through six cloture motions, delay after delay after delay by a handful of senators who were determined to do everything they could

Christopher Dodd

1:37:53 to 1:38:02( Edit History Discussion )

Christopher Dodd: procedurally to stop us from getting to this moment. and so i thank immensely the majority leader and his staff as well for their tireless support of this effort. and again, to my colleague from alabama,

Christopher Dodd

1:38:02 to 1:38:14( Edit History Discussion )

Christopher Dodd: i tip my hat. you're a good man to work with. and i thank senator shelby. mr. shelby: mr. president? the presiding officer: the senator from alabama. mr. shelby: mr. president, i rise this morning to

Richard Shelby

1:38:14 to 1:38:28( Edit History Discussion )

Richard Shelby: speak in support of the final passage of h.r. 3221, the legislation before us that senator dodd has been, and others have been talking about. this legislation, mr. president, contains numerous provisions

Richard Shelby

1:38:14 to 1:46:31( Edit History Discussion )
Speech By: Richard Shelby

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