House Proceeding on Oct 2nd, 2008 :: 0:40:55 to 0:43:10
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0:38:45 to 0:40:55( Edit History Discussion )
Speech By: Zoe Lofgren

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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,

0:40:55 to 0:41:16( Edit History Discussion )

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

0:40:55 to 0:43:10( Edit History Discussion )
Speech By: Chris Cannon

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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

0:41:28 to 0:41:39( Edit History Discussion )

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

0:41:39 to 0:41:53( Edit History Discussion )

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

0:41:53 to 0:42:04( Edit History Discussion )

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

0:42:21 to 0:42:31( Edit History Discussion )

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

0:42:31 to 0:42:44( Edit History Discussion )

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

0:42:44 to 0:42:57( Edit History Discussion )

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

0:43:10 to 0:43:30( Edit History Discussion )

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