House Proceeding on Oct 2nd, 2008 :: 0:31:37 to 0:51:37
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Speech By: Chris Cannon

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Chris Cannon: 2001, and for a year and a half ayefter they leave service. i'm heartened to know that we now have the opportunity to provide this modest but important relief to these brave men and women

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Speech By: Zoe Lofgren

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Zoe Lofgren: in the service. i also commend ranking member lamar smith of texas who has helped make this a bipartisan endeavor. so i reserve at this time. the balance of my time. the speaker pro tempore:

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Zoe Lofgren: the gentleman reserves. the gentleman from utah. mr. cannon: thank you, mr. speaker. i yield myself such time as i may consume. the speaker pro tempore: the gentleman is recognized. mr. cannon:

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Zoe Lofgren: i'm happy that the house is able to complete today the congress' consideras'tion of this bipartisan legislation. as we have stated at every turn, republicans strongly support the mission and

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Zoe Lofgren: appreciate the sacrifice of our dedicated reservists and guardsmen. we continue to agree that reservists and guardsmen who are plunged into bankruptcy by the demands of their service should be given

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Zoe Lofgren: a helping hand under the bankruptcy code. earlier this session judiciary committee re publicans labored long and hard to achieve a workable compromise thate would help these willing warriors.

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Zoe Lofgren: the major issue for us was simple -- that the bill respond to bankruptcies attributable to reservist or guardsmen service. the senate has returned a bill to us that preserves the balance

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Zoe Lofgren: we struck. the senate has added one amendment, but it is tecenhnical in nature and was sought by the administrative office of the united states courts. i urge all members to support the passage

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Zoe Lofgren: of this legislation and i look forward to the bill's implementation as law. i also look forward to the results two years from now of the g.a.o. study contained in the bill. this study will tell

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Chris Cannon: us for sure mr. reservists and guardsmen are using the relief granted by the bill when it is their service that leads to bankruptcy not other factors. when the bill reaches its three-year

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Speech By: Chris Cannon

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Chris Cannon: sunset we will know for sure whether it's breeing abused in cases lacking the necessary link to service. if it is being abused, we'll be able to address that abuse at the time that theme re-authorization

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Chris Cannon: is considered. in light of these considerations, i'm pleased to support passage of the sabill. i would also like to thank others who have worked on this bill, in particular congressman rohrabacher

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Chris Cannon: from california.ca i made as the chairman of the subcommittee on commercial administrative law that has oversight over the bankruptcy act a promise that we would reconsider this bill. that was done

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Chris Cannon: some years ago. mr. rohrabacher has done an amazing job, given leadership and determination to bringing this bill to where it is today. by doing so has redeemeded my promise and his and that

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Chris Cannon: of many other people. thank you, mr. speaker. i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentlema n from michigan. ga mr. conyers: mr. speaker, i'm

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Zoe Lofgren: pleased to recognize the chair of the california delegation, zoe lofgren, for as much time as she needs. the speaker pro tempore: the gentlewoman is recognized. ms. lofgren: thank you, mr. chairman

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Speech By: Zoe Lofgren

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Zoe Lofgren: and mr. speaker. i rise in support of this bill. it is obviously important that we make sure that any of our armed service members who have suffered a financial loss because of their service have

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Zoe Lofgren: access to relief through the bankruptcy courts. that's the l east we can do. to assist these fine men and women. but i rise also to say that there are other things that are not yet before us

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Zoe Lofgren: in the bankruptcy a rena that we -- i believe are gaining some bipartisan support for. many of us have expressed concern that lacking in the recovery packagere that wee will be voting on tomorrow

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Zoe Lofgren: is any provision that deals with the primary mortgage -- mortgage on a primary residence that might be one of many tools to deal with the underlying crisis that has created this worldwide

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Zoe Lofgren: economic instability. i would have preferred that such a measure be in the recovery package, but it is not essential that the measure be part of a package. it is possible to move such a measure

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Chris Cannon: separately. and i just wanted to -- we were here earlier in the week. i complimented my colleague from utah saying that -- it was unlikely we would be on the floor together again because he

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Speech By: Chris Cannon

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Chris Cannon: is not returning, but heree we are. and i would just like to compliment him for the hard work and discussions that he has been put in behind the scenes over this last several weeks to

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Chris Cannon: see if disagreements can be resolved. if parties can come together in the interest of the country. i can't say that we have accomplished that yet, but i think that we have an opportunity. i actually

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Chris Cannon: am quite optimistic we be will be successful in that effort that would be very important for our country. i see the gentleman standing there. i wonder if i could yield to him if he wishes to make

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Chris Cannon: a comment. mr. cannon: i thank the gentlelady. the american peo ple are enraged by this bailout or rescue as we are now calling it. and i think justifiably so. the -- they ought to be enraged

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Chris Cannon: at theeal cause here, or the real cause of what i think should be the rage is that this has been done in a way that has been mandated, directed, expected that we would respond without much

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Chris Cannon: involvement. it reminds me the rage of the american people reminds me of a bull. often goes after the cape rather than gorin the toreador . what we need to do here, i hope the american people

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Chris Cannon: recognize the opportun ity to demand a transparent government. there was no reason why the administration couldn't have made its three-page proposal available not as a legislative demand

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Chris Cannon: but as an outline of what the discussion should have been. there's no reason why we here in congress have not done an open rule hen anne had a debate on this. we could easily have taken this

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Speech By: Zoe Lofgren

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Zoe Lofgren: measure, debated it openly, amended it, adjusted it and done things that make sense. the pr oblem as i see theee bailout and the gentlelady and i have talked about it at some length, is that it pumps

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Zoe Lofgren: liquidity intoit banks and takes paper. that paper we hope is good. we hope it will be more valuable than the -- what we spend on it. ms. lofgren: i wonder. i did yield. we have other speakers.

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Zoe Lofgren: i wonder if -- we can have this further discussion but whether on the mortgage -- primary p residence mortgage issue you think there is further opportunity to make progress between

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Zoe Lofgren: republicans andca democrats, conservatives and nonconservatives? mr. cannon: i thank the gentlelady. we have plenty of time on my side if the gentlelady would like to yield back temporarily.

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Zoe Lofgren: i would be happy to use my time to talk about that point. ms. lofgren: i will do so because i don't want to take advantage of the chairman's yielding me unlimited time when there are other

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Zoe Lofgren: speakers. but i would just say that in the discussions that we have had that have been very honest and very practical and i think totally bipartisan. i would even say nonpartisan trying

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Zoe Lofgren: to find common ground in the interests of the american people on this. i have a sense ever optimism that we can do something important on the mortgage bankruptcy issue aside from this recovery

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Zoe Lofgren: package that is coming. and having said that, i will yield back to the chairman of the committee and perhaps mr. cannon will use some of his time to further explore this. the speaker pro tempore:

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Zoe Lofgren: the gentleman from utah. mr. cannon: thank you, mr. speaker. i thank the gentlelady. if she wishes to remn perhaps we can have a colloquy at some point. let me make a couple of points. we

0:40:42 to 0:40:55( Edit History Discussion )

Zoe Lofgren: have had a long and intense discussion about what we can do to help solve not the problem of the banks with their toxic loans, which we hope we'll buy at a reasonable price in a reverse aucti,

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Speech By: Chris Cannon

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Chris Cannon: but what we do on the other side of this problem which is homeowners who can't afford the loans that they got on property that was often misappraised or appraised fraudulently and left in a box

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Chris Cannon: without being able to pay with mortgages that arega resetting at higher interest rates, sometimes with higher balances because of the way the mortgages are arranged. so how do we keep -- help

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Chris Cannon: americans stay in their homes in a reasonable fashion? we have talked about bankruptcies as one way to do that. in the bill that we did not pass here in the house recently, the secretary

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Chris Cannon: had wide autho rity. i am expecting that authority to be continued. what i would hope is that the secretary will not just put $700 billion into paper which may or may not be useful, but also something

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Chris Cannon: like $50 billion or $100 billion into funds that are intended to help people stay in their homes by creating a -- the opportunity to buy mortgages at a discount then renegotiate those mortgages

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Chris Cannon: with the people who are in those homes or others, and thereby avoid the spiraling, downward spiral of housing costs. i don't know that we are going to be able to do much with bankruptcy

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Chris Cannon: if this bill that passed the senate passes the house today, don't know if we can deal with it. i think we ought to demand as the house that the secretary re recognize this is not just

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Chris Cannon: a matter of saving paper or buying paper and saving banks, it's rather a matter of keeping a downward spiral in housing prices from continuing so americans can maintain the value in

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Chris Cannon: their homes, keep their homes, and get this economic crisis behind us andnd perhaps save money. i recognize the gentlelady. i would be happy to yield. ms. lofgren: thank you for yielding. i would

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Chris Cannon: just note that in fact i in the rescue package there is a provision requiring the secretary to renegotiate loans. that will actually be of tremendous value in dealing with the foreclosure crisis

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John Jr.Conyers: that we face when the government owns the whole mortgage, all of the mortgage. because securities are being purchased, because the ready markets are frozen, we won't necessarily own all the

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Janice D. Schakowsky: mortgages in eve ry case, and half of the subprimes have second and thi mortgages that will be able to defeat any effort to renegotiate. i think that moving a narrowly crafted for subprime only mortgage

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Speech By: Janice D. Schakowsky

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Janice D. Schakowsky: primary residence mortgage measure either laettner this congress or early next -- later in this congress or early next might be something that could avoid the $2.1 trillion in mortgages that

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Janice D. Schakowsky: are set to reset and certainly a are at risk of default in the next 18 months. i am just stating here today, i think we have an opportunity to accomplish that working across the aisle and

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Janice D. Schakowsky: working across ideological barriers. really we are all in the same place. we want americans to be safe and secure in th eir homes ifom they are able to meet their obligations. we should

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Janice D. Schakowsky: go the extra mile toe allow them to do that. i just want to say once again how much i have appreciated working with you, congressman cannon, over these years and how -- i said this earlier this

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Janice D. Schakowsky: week, but if you look at your voting record, you have got one of the most conservative voting records in this congress, and as i mentioned i do not. but that has never prevented us from

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Janice D. Schakowsky: working together to find solutions for the american people. i really think you're a remarkable legislator. someone who i respect a great deal. i thank you for your f service to our country.

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Janice D. Schakowsky: mr. can nan: reclaiming my time. i thank the gentlelady. -- mr. cannon: reclaiming my time. i thank the gentlelady. the nice thing about being clear in your princips it's possible to negotiate

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Janice D. Schakowsky: and come up with compromises that work. it's been a pleasure to work with the gentlelady and the chairman of the full committee who is also here with us, mr. conyers. it's not possible to be

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Janice D. Schakowsky: farther b apart on the political spectrum than i think mr. conyers and i are, but we have had a very pleasant and i think profitable working relationship on many issues where because of his clear

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Janice D. Schakowsky: principles and i hope my clear principles we have beenha able to reach compromise. going back to what the gentlelady was saying, i fervently hope will i not be part of any further negotiations

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Janice D. Schakowsky: on bankruptcy. i hope that we solve this problem today or tomorrow, i suppose. and then save the -- make the american people more safe by us being out of town and thenn letting next year's crop

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Janice D. Schakowsky: of people come back and deal with the issue. let me just reiterate a couple things the gentlelady has said. $2.1 trillion of subprime and alt a loans are in trouble f we do n't do something about

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Janice D. Schakowsky: that, those loans as they fail, to the degree they fail and many are likely to fail, arelikely to draw down to create a suction that will pull down the prices of all the other houses

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Janice D. Schakowsky: in america creating chaos in our markets. it's imperative that the secretary recognize his authority under i think the current language and make it clear he intends to do something not just

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Janice D. Schakowsky: about the paper, because as the gentlelady has pointed out, we don't own all the fractions of the interests in these mortgages, and therefore we don't hav e the ability by pumping money into

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Janice D. Schakowsky: paper to solve the underlying problem. you have to do that in another way. certainly where you have a second or third, there is no ability by the tresh have i under -- treasury under the

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Janice D. Schakowsky: current program to dealt with that suction on prices. i'm hop ing the secretary of the treasury will today make it clear he intends to use part of this bailout money for which he has, i

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Janice D. Schakowsky: think the discretion. io i think it's important he be clear he has that discretion, he intends to use money that way so we can create a floor not just under the banks but also under the prices

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Janice D. Schakowsky: of our homes. . and with that i reserve the balance of my time. the speaker pro tempore: the gentleman reserves. the gentleman from michigan. mr. conyers: mr. speaker, i yield to the author

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Dana Rohrabacher: of this bill, jan schakowsky, as much time as she may consume. the speaker pro tempore: the gentlewoman is recognized. ms. schakowsky: i thank the gentleman for yielding to me. i rise to proudly support

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Speech By: Dana Rohrabacher

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Dana Rohrabacher: s. 3197, the national guard and r eservists debt relief act. this legislation is the senate companion to h.r. 4044, legislation i authored along with my friend and colleague, congressman dana

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Dana Rohrabacher: rohrabacher, which patched the house unanimously on june 23. s. 3197 was introduced by my very good friend and colleague from illinois, senator dick durbin. since 9/11, more than 460,000

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Dana Rohrabacher: reservists and guardsmen have been called to active duty in iraq and afghanistan. these men and women have left their families and their jobs to selflessly serve their country. often with little