House Proceeding 05-07-09 on May 7th, 2009 :: 0:17:50 to 0:20:00
Total video length: 2 hours 19 minutes Stream Tools: Stream Overview | Edit Time

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0:16:20 to 0:18:35( Edit History Discussion )
Speech By: Keith Ellison

0:17:43 to 0:18:04( Edit History Discussion )

Keith Ellison: we had we would not have the number of subprime loans, some exotic subprime loans that we had, predatory loans. if we didn't have that we would very likely not be at the depth of trouble that wear in right now. so i'm very happy that this is included in the manager's amendment, that we will have some clear, clear don'ts that

0:18:05 to 0:18:25( Edit History Discussion )

Keith Ellison: we will ask the rules to be promulgated on prohibiting mischaractizing of appraisals, prohibiting discouraging of shopping around, credit scores and others. thank you. i yield back. the speaker pro tempore: the gentleman's time has expired. the gentleman from texas. mr. neugebauer: thank you, mr. speaker. and i appreciate the chairman's

0:18:26 to 0:18:37( Edit History Discussion )

Keith Ellison: sensitivity to this because i think it's very important issue that we need to resolve in this legislation before it becomes law. mr. frank: will the gentleman yield? mr. neugebauer: i yield.

0:18:38 to 0:19:02( Edit History Discussion )

Dennis Moore: mr. frank: i have apologized to mr. miller. . neugebauer: i yield two minutes to the gentlewoman from west virginia, mrs. capito. the chair: the gentlewoman fro west virginia is recognized for two minutes. mrs. capito: i want to talk about this bill in general. this bill was introduced march 23 and less than a month later,

0:18:45 to 0:20:30( Edit History Discussion )
Speech By: Dennis Moore

0:19:03 to 0:19:23( Edit History Discussion )

Dennis Moore: including our two-week district work period, we had a markup. i think it's important for my colleagues to realize that this legislation has the potential to forever change the mortgage market. and i have concerns that while changes are indeed needed that maybe we may be moving too briskly that could -- on broad legislation that could have some serious unintended

0:19:24 to 0:19:46( Edit History Discussion )

Dennis Moore: consequences. the provision, the credit risk retention provision, the skin in the game provision, while it's supported in concept by most it's still being worked out. there's no consensus on who it would encompass or what affect it would have on the liquidity in the markets. according to the mortgage bankers association, a record number of borrowers are

0:19:47 to 0:20:08( Edit History Discussion )

Dennis Moore: delinquent, the housing market are still fragile and what's need is a sense of certainty that we can accept a floor in the market. we don't need constant tinkering and changing so that stability is not there. a tpwhraring omission in this legislation also it does noth of the g.s.e.'s fannie and freddie. these two enties provide the