House Proceeding 05-07-09 on May 7th, 2009 :: 1:11:00 to 1:12:50
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1:10:57 to 1:11:21( Edit History Discussion )

Melvin L. Watt: the bill gives the regulatory authorities the banking authorities to say what a tangible benefit it. champlete the gentleman's time has expired. the gentleman from north carolina. mr. watt: i now would like to address the gentleman's amendment, which he still never has addressed. i acknowledgedrom the very beginning that we walk a

1:11:00 to 1:12:50( Edit History Discussion )
Speech By: Melvin L. Watt

1:11:22 to 1:11:43( Edit History Discussion )

Melvin L. Watt: delicate balance between protecting consumers and protecting the availability of funds, but the balance that the gentleman would have us address says this, no assignee or securitizer of a residential mortgage loan shall be liable under this subsection.

1:11:44 to 1:12:06( Edit History Discussion )

Melvin L. Watt: let me tell you what that would lead to. i close the loan one day day and i'll assign it it to someone else the next day and we will be right back where we are now. because nobody in the custody of that loan will have any liability. that would be as irresponsible

1:12:07 to 1:12:27( Edit History Discussion )

Melvin L. Watt: as not passi doing anything, which is exactly what a number of my colleagues would like to have us do, but which is not an option in this posture at this moment. so i want my colleagues to be

1:12:28 to 1:12:48( Edit History Discussion )

Melvin L. Watt: clear, this is a destructive amendment and should be opposed. with that, mr. chairman, i yield back the balance of my time. the chair: the question is on the amendment offered by the gentleman from texas. those in favor say aye. those opposed, no. in the opinion of the chair, the noes have it and the amendment is not agreed to. for what purpose does the

1:12:49 to 1:12:50( Edit History Discussion )

Melvin L. Watt: gentleman from texas rise?