House Proceeding 05-07-09 on May 7th, 2009 :: 0:23:55 to 0:29:30
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0:23:15 to 0:25:20( Edit History Discussion )
Speech By: James R. Langevin

0:23:34 to 0:23:56( Edit History Discussion )

James R. Langevin: massachusetts. mr. frank: first, i would say t want to offer some protection to states that don't have the option of succeeding. states that succeed we will protect them. i now yield 1 1/2 minutes to the gentleman from rhode island, mr. langevin. the chair: the gentleman from rhode island is recognized for

0:23:57 to 0:24:17( Edit History Discussion )

James R. Langevin: 1 1/2 minutes. mr. langevin: i rise in strong support of h.r. 1728, the mortgage reform and anti-predatory lending act and the manager's amendment that's before us today which i know will bring greater transparency to lending practices nationwide. mortgages have left countless americans facing foreclosure, and this is especially true in

0:24:18 to 0:24:39( Edit History Discussion )

James R. Langevin: my home state o with one of the highest foreclosure rates in the country. with this bill we will combat unscrupulous lending practice and bring transparency to the process by requiring mortgage originators to be licensed and mandating full disclosure of loan terms. perhapmost importantly mortgage originators must certify that consumers have a reasonable ability to pay back

0:24:40 to 0:25:00( Edit History Discussion )

James R. Langevin: the loans that they -- they are applying for and they are not predatory in nature. we have seen too many lenders steer consumers into loans that they cannot afford. we cannot allow that practice to continue or have it happen again. i'm also pleased this measure includes protections of renters on foreclosed property.

0:25:01 to 0:25:20( Edit History Discussion )

James R. Langevin: h.r.728 will persistent problems in the housing market, bring financial stability to f ensure that the appropriate measures are in place to prevent this kind of mortgage foreclosure cris from ever happening again in the future. i want to thank and commend the gentleman from massachusetts, chairman frank, for his outstanding leadership on this

0:25:21 to 0:25:41( Edit History Discussion )

Randy Neugebauer: important measure. and i urge support of this bill and the manager's amendment before us today. madam speaker, i yield back the balance of my time. the speaker pro tempore: the gentleman from texas. mr. neugebauer: thank you, mr. chairman. another provision in this that caused concern is the tenant provisions. this amendment would require property owners to promptly

0:25:25 to 0:29:00( Edit History Discussion )
Speech By: Randy Neugebauer

0:25:42 to 0:26:02( Edit History Discussion )

Randy Neugebauer: notify any tenants tenants upon boming subject to foreclosure or defaulting on their mortgage loan. this language requires that owner provision information on the circumstance was respect to the property and the effect of the default or foreclosure. notices to tenantss important. however in multifamily projects such as apartments a receiver is typically put in place to manage

0:26:03 to 0:26:23( Edit History Discussion )

Randy Neugebauer: the property so residents can remain in their apartments with no disruption. mandating a notice to residents if not done correctly could cause alarm and maybe not even need alarm. i have a letter from the national apartment association where they have concerns about this very issue. that if you got an apartment complex, the owner may be

0:26:24 to 0:26:44( Edit History Discussion )

Randy Neugebauer: temporarily in defau, you give notice to the tenants you are temporarily in default, tenants get scared, they start looking for other places to live, and basically creating vacancies in fact maybe makg the default permanent by the fact there will not be sufficient revenues to make the payments. i have very large concerns about that.

0:26:45 to 0:27:05( Edit History Discussion )

Randy Neugebauer: additionally, the amendment allows h.u.d. to step troubled properties, transfer multiproperty project if delinquent at the risk of default or foreclowshire. this is a fairly major expansion of hud's authority and could be a property taking. properties of this type may be -- may not be in foreclosure as

0:27:06 to 0:27:26( Edit History Discussion )

Randy Neugebauer: yet, yet the provision would force properties into foreclosure or government control. again a major expansion and quite honestly a move away from what the ori legislation was. original intent of this legislation was to prevent predatory lending, now we are prescribing how tenants are going to be treated. whether we are going to force property owners to make disclose sure about their financial

0:27:27 to 0:27:51( Edit History Discussion )

Randy Neugebauer: cond major diversion from what i think is the inten of this legislation. again one of the reasons that i do not support this amendment. at this time i reserve the balance of my time. the speaker pro tempore: the gentleman from massachusetts. mr. frank: mr. chairman, at this point i have at most one further speaker. i will reserve. the speaker pro tempore: the

0:27:52 to 0:28:12( Edit History Discussion )

Randy Neugebauer: mr. neugebauer: mr. again rise in opposition to this amendment. one of the purposes of this legislation we said was to prevent predatory lending. unfortunately the consequences of this legislation are going to be to increase theost of -- for mortgage financing for consumers. going to raise the monthly payments for many consumers over what their choices would have

0:28:13 to 0:28:34( Edit History Discussion )

Randy Neugebauer: originally been. it's going to limit the choice that is are available to them. it's going to force lenders to only provide maybe one choice. it's also i think going to continue to cause some major disruption in the mortgage system. one of the speakers originally said, this is the market is very fragile right now. some othe ament i think contribute to that.

0:28:35 to 0:28:55( Edit History Discussion )

Randy Neugebauer: so with that i encourage members back the balance of my time. the chair: the gentleman yields back the balance of his time. the gentleman from massachusetts. mr. frank: how much time do i have remaining? the chair: the gentleman from massachusetts has eight minutes remaing. mr. frank: mr. chairman, am pleased to make a present of eight minutes to my colleagues and yield back the balance of my time. the chair: the question is on the amendment offered by the

0:28:56 to 0:29:00( Edit History Discussion )

Randy Neugebauer: gentleman from massachusetts. those in favor say aye. those opposed say no. in the opinion of the chair, the

0:29:01 to 0:29:24( Edit History Discussion )

aye vs. it. the amendment is -- ayes have it. the amendment is agreed to. the committee will rise envelopely to receive -- informally to receive a message

0:29:25 to 0:29:45( Edit History Discussion )

the speaker pro tempore: the house will be in order. the chair will receive a message. the messenger: mr. speaker, messages from the president of the united states. the secretary: mr. speaker. the speaker pro tempore: madam secretary. the secretary: i'm directed by the president of the united states to deliver to the house of representatives messages in writing. the speaker pro tempore: the