House Proceeding 06-09-09 on Jun 9th, 2009 :: 1:32:55 to 1:38:30
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1:32:55 to 1:33:16( Edit History Discussion )

Maxine Waters: the united states. the speaker pro tempore: pursuant to the rule, the gentlewoman from california, ms. waters, and the gentleman from california, mr. gary miller, each will control 20 minutes. the chair recognizes the gentlewoman from california. ms. waters: mr. speaker, i ask

1:32:55 to 1:38:30( Edit History Discussion )
Speech By: Maxine Waters

1:33:17 to 1:33:37( Edit History Discussion )

Maxine Waters: unanimous consent that all members may have five legislative days within which to revise and extend their remarks on this legislation. and to insert extraneous material throne. the speaker pro tempore: without objeion, so ordered -- there on. the speaker pro tempore: without objection, so ordered. ms. waters: thank you, mr.

1:33:38 to 1:33:58( Edit History Discussion )

Maxine Waters: speaker, i am proud to be a co-sponsor of this legislation which recognizes june as national home ownership month. as chair of the subcommittee on housing and community opportunity, i am indeed committed to good public picy that will assist citizens to

1:33:59 to 1:34:23( Edit History Discussion )

Maxine Waters: realize home ownership. i would like to thank representative gary miller for his continued leadership on ensuring that this resolution comes to the floor every year. this is the seventh time that he has introduced this resolution and i appreciate his commitment to america's homeowners.

1:34:24 to 1:34:45( Edit History Discussion )

Maxine Waters: preserving home ownership is more important today than ever before with foreclosures reaching record levels and millions more americans struggling to stay in their homes. home ownership has historically been the single most important wealth-building tool available to families in this country. however, home ownership as we

1:34:46 to 1:35:07( Edit History Discussion )

Maxine Waters: the foreclosure crisis has all but erased the gains we have made in increasing home ownership rates, especially for minorities. and thought they had achieved through increases in home equity have also diminished as now 20% of homeowners owe more on their homes than they are worth.

1:35:08 to 1:35:28( Edit History Discussion )

Maxine Waters: the combination of unemployment, unsustainable and predatory mortgagers, and uncooperative market servicers has created a perfect storm of record rates, of loan defaults and foreclosures. according to the mortgage bankers association, a record 12% of mortgages are either in

1:35:29 to 1:35:49( Edit History Discussion )

Maxine Waters: default or in foreclosure. according to the center for responsible lending, 6,500 mortgages occur each day in the united states. by the end of 2009 there will be 2.4 million families in foreclosure. we must keep families in their

1:35:50 to 1:36:10( Edit History Discussion )

Maxine Waters: homes and this congress and the administration have developed programs to do just that. for example, the making home affordable program announced by president obama in march builds off legislation i introduced at the beginning of this congress to end this unending avalanche of foreclosures.

1:36:11 to 1:36:31( Edit History Discussion )

Maxine Waters: despite the commitment from the administration and congress to reduce foreclosures, mortgage servicers have been reluctant to modify trouble loans. in fact, neighbor works recently found in its survey of housing counseling agencies that servicers are generally uncooperative.

1:36:32 to 1:36:52( Edit History Discussion )

Maxine Waters: they take up to 60 days to respond to requests and frequently lose important documents. in order to be true to the spirit of national home ownership month, i call on all mortgage servicers to fully participate in making home

1:36:53 to 1:37:14( Edit History Discussion )

Maxine Waters: affordable program and to work with families to maintain their ownership. vulnerable homeowners are also threatened by scam artists who offer to rescue or help struggling homeowners stay in their homes for an exorbitant fee that must bpaid up front. they often deliver either

1:37:15 to 1:37:38( Edit History Discussion )

Maxine Waters: nothin or a higher payment than the homeowner was paying before contacting these companies. the federal trade commission has begun to crack down on these scammers and i support these efforts. prospective homeowners are also caught up in this economic crisis because they have no other home to sell -- crisis. because they have no other home

1:37:39 to 1:38:00( Edit History Discussion )

Maxine Waters: to sell, first time home buyers have the ability to stabilize home bryces d -- prices and neighborhoods. now is the time to buy. but many first time home buyers are finding themselves locked out of the housing market. many families who would otherwise be buying homes now lack the required down payment.

1:38:01 to 1:38:22( Edit History Discussion )

Maxine Waters: fortunately the recently enacted $8,000 tax credit for first time home buyers is now being monetized so that these homeowners can use it to pay closing costs or assist with their down payment. america's homeowners face many challenges in this month and will face many more this year.

1:38:23 to 1:38:30( Edit History Discussion )

Maxine Waters: this resolution that this congress' commitment to assisting them and first time home buyers in achieving the