House Proceeding on Jan 15th, 2009 :: 1:02:55 to 1:06:55
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1:02:38 to 1:02:58( Edit History Discussion )

Doris O. Matsui: postponed. it is now in order to nsider amendment number 2 printed in house report 111-3. for what purpose does the gentlewoman from california rise? ms. matsui: mr. chairman, i offer an amendment. the chairmanthe clerk will designate the amendment. the clerk: amendment number 2 printed in house report 111-3

1:02:55 to 1:06:55( Edit History Discussion )
Speech By: Doris O. Matsui

1:02:59 to 1:03:19( Edit History Discussion )

Doris O. Matsui: offered by ms. matsui of california. the chairman: pursuant to house resolution 62, the congresswoman from california, ms. matsui, and a member opposed, each will control five minutes. the chair recognizes the gentlewoman from california. ms. matsui: mr. chairman, i rise today to offer an amendment along with representative kathy castor to help homeowners across our

1:03:20 to 1:03:40( Edit History Discussion )

Doris O. Matsui: country. our amendment expresses the sense of congress that financial institutions who receive future tarp funds should not foreclose on any principle homeowner until the new loan modification in the bill is implemented and deemed fully operational. mr. chairman, the foreclosure cris is a root cause of our current economic cris.

1:03:41 to 1:04:01( Edit History Discussion )

Doris O. Matsui: sadly, there is no end in sight. right now, more than saturday million homeowners are expected to face foreclosure over the next four years. that is one in six mortgages in the united states. the rising unemployment will cause ev more americans to face foreclosure. california and in particular my home district of sacramento has

1:04:02 to 1:04:22( Edit History Discussion )

Doris O. Matsui: been greatly impacted by the foreclosure cris. i have hosted foreclosure workshops, i've seen the hardships and looks of desperation on so many faces not knowing they will lose their home. at one workshop i was approached by a woman that had a loan thrgh one of the financial institutions that had taken tarp funds.

1:04:23 to 1:04:43( Edit History Discussion )

Doris O. Matsui: when we met she'd been talking to the bank's representatives for a few months to know avail. she was one step from losing her home. it took her dozens of phone calls and letters over many months for her and t bank to settle on a new loan. i worry that without a true moratorium on foreclosure people like her will not be as

1:04:44 to 1:05:04( Edit History Discussion )

Doris O. Matsui: lucky. similar situations are occurring throughout the country. congress must use all of our available resources to keep americans in their homes. the bill we're considering today calls for the strongest foreclosure prevention plan today. it requires the treasury and fdic a comprehensive stemic loan modification program by

1:05:05 to 1:05:25( Edit History Discussion )

Doris O. Matsui: april 1. however, that is more than three months away and the plan will take a month or two to become operational. in the meantime, thousands of homeowners could be foreclosed upon. our goal is to help main street. it will be devastating if homeowners were foreclosed on before they had an opportunity

1:05:26 to 1:05:47( Edit History Discussion )

Doris O. Matsui: to qualify for the new loan modification program under this bill. that is why i've offered my amendment with congresswoman castor that calls on the mortgage industry to implement a temporary time-out on foreclosures. our constituents and businesses need breathing room to find solutions to help americans stay in their homes. i've been calling for a moratorium on foreclosures over

1:05:48 to 1:06:08( Edit History Discussion )

Doris O. Matsui: the last eight months. last may introduced a home retention and economic stabilization act that calls for a nine-month moratorium on foreclosures for responsible people. i will continue to actively pursue a meaningful moratorium on foreclosures in the coming

1:06:09 to 1:06:29( Edit History Discussion )

Doris O. Matsui: days and months. until then, a time-out in foreclosures is a necessary stopgap measure that will give congress, regulators and homeowners some breathing room while everyone works to craft a fair, sensible and lasting solution to the foreclosure cris. i hope that my colleagues will join me in supporting this amendment.

1:06:30 to 1:06:51( Edit History Discussion )

Doris O. Matsui: thank you, mr. chairman. i reserve the remainder of my time. the chairman: the gentleman from new jersey, for what purpose does the gentleman from new jersey rise? mr. garrett: thank you, mr. chairman. i claim the time in opposition. the chairman: the gentleman from new jersey is recognized for five minutes. mr. garrett: and i yield myself two minutes. the chairman: the gentleman

1:06:52 to 1:06:55( Edit History Discussion )

Doris O. Matsui: from new jersey is recognized for two minutes. mr. garrett: i begin by saying