House Proceeding 05-07-09 on May 7th, 2009 :: 1:29:55 to 1:32:00
Total video length: 2 hours 19 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:126 Duration: 0:02:05 Discussion

Previous speech:

Next speech:

1:29:51 to 1:30:11( Edit History Discussion )

Barney Frank: realize their dream? i urge adoption of the amendment. the chair: the gentleman's time has expired. the gentleman from massachusetts. mr. frank: i yield myself the remaining time. that's the issue. the gentleman says surprisingly to me we want to increase the availability of credit. let's understand the problem. too many loans made to people who shouldn't have gotten them.

1:29:55 to 1:32:00( Edit History Discussion )
Speech By: Barney Frank

1:30:12 to 1:30:32( Edit History Discussion )

Barney Frank: in some cases the fault of the borrower. in some cases the fault of the lender. in some cases elsewhere. one of the important purposes of this bill is to reduce the pattern of people getting loans who shouldn't have gotten them because they couldn't repay them. so to say that the purpose of this bill is to increase the availability of credit is it to have more subprime loans?

1:30:33 to 1:30:53( Edit History Discussion )

Barney Frank: more borrowers who can't pay back? you want to do it with balance, a reasonable way. i believe we deal with that. if there are questions did we go too far one way or the other? those are legitimate. we discussed a lot of those in committee. there were a loft amendments that were adopted. but i accept my colleague from georgia's definition of the heart of the matter.

1:30:54 to 1:31:14( Edit History Discussion )

Barney Frank: does this bill if it is enacted mean that fewer mortgage loans will be granted going forward than were granted in that period from 2002, 2006, as the gentleman from texas amendment showed or subprime mortgage shot up? i hope so. i hope that we will have fewer mortgages granted to people who couldn't have paid them.

1:31:15 to 1:31:35( Edit History Discussion )

Barney Frank: now, other people we hope things will go better. with the f.h.a. piece we hope to do even more in making credit available. the question here is not -- mr. price: my amendment addresses qualified borrowers. mr. frank: qualified mortgages. part of the problem has been that people got mortgages with bad judgments by people. the chair: the gentleman's time has expired.

1:31:36 to 1:31:57( Edit History Discussion )

Barney Frank: the question is on the amendment offered by the gentleman from georgia. those in favor say aye. ose posed say no. in the opinion of the chair, the noes have it. the amendment is not agreed to. mr. price: with deference to your hearing the chair: for what purpose does the gentleman from georgia rise? mr. price: i ask for the yeas and nays. the chair: pursuant to clause 6 of rule 18, further proceedings on the amendment offered by the gentleman from georgia will be

1:31:58 to 1:32:00( Edit History Discussion )

Barney Frank: postponed. it's now in order to consider