House Proceeding on Mar 5th, 2009 :: 0:46:50 to 0:50:00
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0:46:46 to 0:47:06( Edit History Discussion )

Zoe Lofgren: sensible practices that will help keep the dream of middle-class families. the speaker pro tempore: the gentleman's time has expired. the gentleman from florida. mr. hastings: mr. speaker, i'm very pleased at this time to yield two minutes to ms. lofgren. the speaker pro tempore: the gentlelady from california is recognized for two minutes.

0:46:50 to 0:50:00( Edit History Discussion )
Speech By: Zoe Lofgren

0:47:07 to 0:47:28( Edit History Discussion )

Zoe Lofgren: ms. lofgren: mr. speaker, i just wanted to say a word about the manager's amendment to make sure that everyone is clear. the second-degree amendment is going to make sure that fairness is restored to the bankruptcy laws to give needed relief thomeowners at a time when there is a truly historic cris in the housing market. the manager's amendment strengthens the good faith

0:47:29 to 0:47:49( Edit History Discussion )

Zoe Lofgren: provisions of the bill to ensure that borrowers who can't afford to pay their debts do so -- whoan afford to pay their debts do so. it will allow them to take into consideration an off modification and when it's available we want homeowners to take that route. the manager's amendment also

0:47:50 to 0:48:11( Edit History Discussion )

Zoe Lofgren: advises courts to consider the treasury's guidelines in crafting loan modifications and in doing so it works seemlessly with the -- seamlessly with the obama administration in make the home affordable plan. it doesn't make any kind of

0:48:12 to 0:48:34( Edit History Discussion )

Zoe Lofgren: sense that relief in chapter 13 is denied to homeowners while it iprovided to speculators and invtors which is what the current law provides. by changing the law we have restored basic fairness to the system. inddition to the heightened good faith requirement, the amendment would extend the

0:48:35 to 0:48:55( Edit History Discussion )

Zoe Lofgren: prefiling notice from 15 to 30 days and require the debtor to submit financial documentation to the lender so a meaningful negotiation could take place. it also enhances the clawback provision.

0:48:56 to 0:49:16( Edit History Discussion )

Zoe Lofgren: i really, as i said earlier, do want to thank my colleues, mrs. tauscher, mr. cardoza, mr. marshall, mr. miller for their efforts. i also think it's important to say -- if i could have one additional minute. mr. hastings: i yield the gentlelady one additional minute. the speaker pro tempore: the gentlelady is recognized for

0:49:17 to 0:49:38( Edit History Discussion )

Zoe Lofgren: one minute. ms. lofgren: bankruptcy is no picnic. for an extended period of time all of the debters, personal financial life is in public. you can't spend anhing without permission of the court. you can't give to your church unless bankruptcy says ok.

0:49:39 to 0:50:00( Edit History Discussion )

Zoe Lofgren: santa can't come to your house unless the court permits expenditure for a toy. it is a permanent mark on your record. and so to think that someone would go into that proceeding frivolously with that kind of stain, that burden -- excuse me -- and that kind of stigma is just not realistic. and i hope that people understand this is not