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Senate Proceeding on Dec 14th, 2007 :: 1:23:21 to 1:26:51
Total video length: 3 hours 59 minutes Stream Tools: Stream Overview | Edit Time

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Thomas Carper

1:18:27 to 1:23:21( Edit History Discussion )
Speech By: Thomas Carper

Thomas Carper

1:23:07 to 1:23:21( Edit History Discussion )

Thomas Carper: the senator from pennsylvania, senator casey. the presiding officer: the senator from pennsylvania is recognized. mr. casey: i want to thank senator schumer for his leadership on these issues, and i

Robert P. Casey, Jr.

1:23:21 to 1:23:35( Edit History Discussion )

Robert P. Casey, Jr.: rise today like so many this morning to talk about something we referred to by way of rack anymore. so in case -- acronym, f.h.a. is the federal housing administration. we're talking about homeownership.

Robert P. Casey, Jr.

1:23:21 to 1:26:51( Edit History Discussion )
Speech By: Robert P. Casey, Jr.

Robert P. Casey, Jr.

1:23:35 to 1:23:49( Edit History Discussion )

Robert P. Casey, Jr.: the dream of homeownership, which is so much a part of the american dream. and today we have the opportunity to pass a piece of legislation, the modernization bill, for the f.h.a., which will reform f.h.a.

Robert P. Casey, Jr.

1:23:49 to 1:24:06( Edit History Discussion )

Robert P. Casey, Jr.: lending programs in order to make them a more viable alternative for borrowers looking to purchase or to refinance a home. just by way of history, way back in the depths and darkness of the depression

Robert P. Casey, Jr.

1:24:06 to 1:24:18( Edit History Discussion )

Robert P. Casey, Jr.: in 1934, the single family. f.h.a. mortgage insurance program was created to spur the housing market and spur homeownership, just what we're trying to do in 2007. f.h.a. made the low downpayment,

Robert P. Casey, Jr.

1:24:18 to 1:24:32( Edit History Discussion )

Robert P. Casey, Jr.: 30-year fix-rate loan the standard product of the united states, and has traditionally played a role in providing home purchasing financing to minoritiy, first time, and lower income home buyers.

Robert P. Casey, Jr.

1:24:32 to 1:24:44( Edit History Discussion )

Robert P. Casey, Jr.: this bill does a number of things. you've heard them. but we'll go through the list again briefly. increasing loan limits, so important at this present time to help the middle class of america. secondly,

Robert P. Casey, Jr.

1:24:44 to 1:24:56( Edit History Discussion )

Robert P. Casey, Jr.: this legislation streamlines the borrowing process to make it faster and more efficient. everyone here has been through the process of borrowing money. it's complicated enough. anything we can do to

Robert P. Casey, Jr.

1:24:56 to 1:25:09( Edit History Discussion )

Robert P. Casey, Jr.: sphreemline that will -- streamline that will help consumers an future homeowners -- and future homeowners. it increases prepayment and prepurchase counseling for borrowers so they know how much they

Robert P. Casey, Jr.

1:25:09 to 1:25:24( Edit History Discussion )

Robert P. Casey, Jr.: can afford before they buy a home. this is a part of the subprime crisis not enough attention and resources dedicated to counseling. this legislation helps in the context of f.h.a. for counseling for

Robert P. Casey, Jr.

1:25:24 to 1:25:35( Edit History Discussion )

Robert P. Casey, Jr.: homeowners. and, finally, it improves and expands the availablity of reverse mortgages so that older citizens can stay in their home longer and safely tap into the equity they built up in their home.

Robert P. Casey, Jr.

1:25:35 to 1:25:47( Edit History Discussion )

Robert P. Casey, Jr.: i don't need to go into the details of the subprime crisis, we all know about it. senators brown and schumer and i have offered legislation for the borrower's protection act and there is money in the budget

Robert P. Casey, Jr.

1:25:47 to 1:25:58( Edit History Discussion )

Robert P. Casey, Jr.: and the president is talking about vetoing $200 million for counseling, it would be a big mistake for the president to do that. but this bill, this modernization bill of the housing program is focused

Robert P. Casey, Jr.

1:25:58 to 1:26:11( Edit History Discussion )

Robert P. Casey, Jr.: on homeownership preservation and providing borrowers with responsible, stable alternatives to subprime mortgages. we know we need other alternatives. right now the credit markets across the country and

Robert P. Casey, Jr.

1:26:11 to 1:26:23( Edit History Discussion )

Robert P. Casey, Jr.: across the world remain tight. and even borrowers with good credit are having a good time borrowing. so this bill provides realistic alternatives for hundreds of thousands of borrowers right at the

Robert P. Casey, Jr.

1:26:23 to 1:26:37( Edit History Discussion )

Robert P. Casey, Jr.: time they need it. mr. president, i yield the floor. the presiding officer: the senator's time has expired. who yields time? mr. schumer: does my colleague from oklahoma want to speak? the presiding officer:

Robert P. Casey, Jr.

1:26:37 to 1:26:51( Edit History Discussion )

Robert P. Casey, Jr.: those in favor of the amendment have 17 minutes, and those opposed have one and a half minutes. mr. schumer: could i ask unanimous consent to borrow one and a half minute -- mr. coburn: i would normally

Sherrod Brown

1:26:51 to 1:27:03( Edit History Discussion )

Sherrod Brown: happily do that and would do so today. mr. schumer: i yield three minutes to the senator from ohio, senator brown. mr. brown: thank you, senator schumer, and thank you senator coburn for being generous

Sherrod Brown

1:26:51 to 1:29:40( Edit History Discussion )
Speech By: Sherrod Brown

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