House Proceeding 05-07-09 on May 7th, 2009 :: 0:51:25 to 0:54:00
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0:51:11 to 0:51:31( Edit History Discussion )

Ed Perlmutter: the amendment is agreed to. it's now in order to consider amendment number 4 printed in house report 111-98. for what purpose does the ntleman from colorado rise? mr. perlmutter: mr. chairman, i have an amendment at the desk. the chair: the clerk will designate the amendment. the clerk: amendment number 4 printed in house report 111-98

0:51:25 to 0:54:00( Edit History Discussion )
Speech By: Ed Perlmutter

0:51:32 to 0:51:52( Edit History Discussion )

Ed Perlmutter: offered by mr. perlmutter of colorado. the chair: pursuant to house resolution 406, the gentleman from colorado, mr. perlmutter, and a member opposed each will control five minutes. the chair recognizes the gentleman from colorado. mr. perlmutter: thank you, mr. chairman. the amendment that i propose to the house today is two-fold.

0:51:53 to 0:52:15( Edit History Discussion )

Ed Perlmutter: first part deals with a section of the bill that provides 90 days for tenants to stay in a home or in an apartment house that's been foreclosed upon. the purpose of this amendment and it's very narrowly drawn is only as to those properties that are owner occupied homes

0:52:16 to 0:52:36( Edit History Discussion )

Ed Perlmutter: where the owner has covenanted with the lender that they're going to occupy the house what happens is often the owner moves out, leases the property to someone, foreclosure begins, the lender has no chain of title, no connection with this particular tenant nor is there

0:52:37 to 0:52:57( Edit History Discussion )

Ed Perlmutter: any expectation that there would be a tenant because the owner said i'm going to live there under the law today, there is no additional time beyond the foreclosure for a pers that owner-occupied house.

0:52:58 to 0:53:19( Edit History Discussion )

Ed Perlmutter: under the bill that's proposed, that timeline is extended to 90 days beyond the foreclosure. my amendment shrinks that back to 30 days so it's 30 days more than the law allows today but less than what's proposed in the bill because the lender has never had any dealings with that particular tenant.

0:53:20 to 0:53:40( Edit History Discussion )

Ed Perlmutter: this is not like a multi-family apartment house where the lender expects that there are going to be tenants or an investor type of a loan where the lender expects a tenant to be in place. . so i have asked to shrink it down to 30 days. that's the first part of the amendment. the second part of the amendment

0:53:41 to 0:54:00( Edit History Discussion )

Ed Perlmutter: is something i talked to mr. miller about which is to clarify the language about when acceleration of a loan can occur. now what we have said is acceleration occurs upon a default in sale clause or material violation in the contract. so those are the two sections of