Senate Proceeding on Jun 19th, 2008 :: 5:48:50 to 6:00:18
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5:44:42 to 5:48:50( Edit History Discussion )
Speech By: Herb Kohl

5:48:35 to 5:48:50( Edit History Discussion )

Herb Kohl: bunch of politicians, a bunch of lawyers, accountants, prosecutors, schoolteachers to start picking what is the best air force plane available. and it's not our -- we shouldn't be doing, substituting

5:48:50 to 5:49:06( Edit History Discussion )

Charles Schumer: our judgment for those of the military. so i'm sorry that we didn't get a firm confirmation of this process. i fully acknowledge that the air force will need to review the complaints that have been

5:48:50 to 6:00:18( Edit History Discussion )
Speech By: Charles Schumer

5:49:06 to 5:49:22( Edit History Discussion )

Charles Schumer: made. aeupbd hope that they will move forward with the aircraft because it's a critical need. this nation is really eight or nine years behind time line to get startd with producing the aircraft.

5:49:22 to 5:49:41( Edit History Discussion )

Charles Schumer: it is the number one procurement priority for the united states air force. many of the planes are 50 years old. i saw one being refurbished with a serial number 1960 not long ago. these are aircraft

5:49:41 to 5:49:55( Edit History Discussion )

Charles Schumer: that are costing more and more to operate. and i hope that we can work through this process, make sure each bidder has a fair bid. but in the end, it's critically important that the air force treat

5:49:55 to 5:50:15( Edit History Discussion )

Charles Schumer: all bidders fairly, that politics not infect the process, and that they select the best aircraft for the military. i thank the chair and yield the floor. mrs. boxer: mr. president? the presiding officer:

5:50:15 to 5:50:32( Edit History Discussion )

Charles Schumer: the senator from california. mrs. boxer: thank you very much, mr. president. i want to thank -- i want to get back to the issue on the floor before us: the housing crisis. i want to thank senators

5:50:32 to 5:50:51( Edit History Discussion )

Charles Schumer: dodd and shelby for working so hard to reach a compromise. i think we'll just wait on these charts. here's where we are. i believe if you look at this recession that many of our states are in --

5:50:51 to 5:51:11( Edit History Discussion )

Charles Schumer: and there's an argument whether we're in this recession nationally -- we know where it's coming from. the housing crisis is certainly a root cause. the speculation in the futures market, in oil is definitely

5:51:11 to 5:51:28( Edit History Discussion )

Charles Schumer: a root cause. and we need to address both of those things. and that's why on this side of the aisle we had a very good package of bills to go after the speculators, to go after the manipulators of gas

5:51:28 to 5:51:44( Edit History Discussion )

Charles Schumer: prices. and we will keep on coming back until our colleagues recognize they can talk about drilling off the coast in pristine areas all they want. the truth is the american people will see through that,

5:51:44 to 5:52:08( Edit History Discussion )

Charles Schumer: even if we were to do it -- and i think it would be a disaster for our economy because those areas are dependent on a pristine coast -- you're not going to see any impact until 2030 on gas prices.

5:52:08 to 5:52:25( Edit History Discussion )

Charles Schumer: so what we need to do on the gas price front is to confront the people who are speculating. and we've heard numbers of up to about a third of the price of a barrel of oil being associated with the

5:52:25 to 5:52:45( Edit History Discussion )

Charles Schumer: speculation. i also signed on a letter -- and i thank senator lautenberg for his leadership -- saying to the president he should file a complaint against the world trade organization with opec for withholding supply.

5:52:45 to 5:53:01( Edit History Discussion )

Charles Schumer: so there's lots we can do. the president today can call for a quick investigation through the f.t.c., the federal trade commission, of collusion and so on. but, that isn't happening. so, at least

5:53:01 to 5:53:16( Edit History Discussion )

Charles Schumer: we are today doing something very important, which is coming together, hopefully to pass a bill that will deal with this housing crisis. look, i know i've talked to senators dodd and shelby. in my state,

5:53:16 to 5:53:35( Edit History Discussion )

Charles Schumer: we have a big problem. i'm going to show you a little later with a chart where we are with foreclosures. so, of course, i would have liked to see even a stronger bill, but i know how hard it was for

5:53:35 to 5:53:52( Edit History Discussion )

Charles Schumer: senators dodd and shelby. each had their own ideas of what had to be done. and they came together, and i support what they have done. i stood before the senate about two months ago when we took up an

5:53:52 to 5:54:08( Edit History Discussion )

Charles Schumer: earlier version of this bill, and i spoke about how california had more than tripled the number of foreclosure filings in 2007 than in 2006. and, mr. president, i am very sued to report that the situation

5:54:08 to 5:54:26( Edit History Discussion )

Charles Schumer: is even worse today. i want to share with you what we see. foreclosure filings in california have skyrocketed over the last 41 months, rising from under 6,000 in january 2005 to 72,000 foreclosure filings

5:54:26 to 5:54:46( Edit History Discussion )

Charles Schumer: in may. the highest monthly number yet, and nearly double the number of a year ago. last month alone, 1 in every 183 california households received a foreclosure filing, a rate that was 2.6 times the national

5:54:46 to 5:55:01( Edit History Discussion )

Charles Schumer: average. imagine, 1 in every 183 california households received a foreclosure filing. 2.6 times the national average. and as you can see -- and we'll go to the next chart. and, senator dodd, i

5:55:01 to 5:55:23( Edit History Discussion )

Charles Schumer: hope you have a minute to check this out. seven of the top 10 and 11 of the top 20 metropolitan areas with the highest foreclosure activity in the country were in california. this is where we are

5:55:23 to 5:55:39( Edit History Discussion )

Charles Schumer: in california. 11 of the top 20 metropolitan areas with the most foreclosure filings in may are in my state. we see stockton, number one. versette, number three, modesto, number four, and it goes on.

5:55:39 to 5:55:55( Edit History Discussion )

Charles Schumer: now this bill takes some important steps to address the crisis. it provides funds to purchase and maintain foreclosed homes to prevent the cycle of blight from further lowering home values. it provides

5:55:55 to 5:56:10( Edit History Discussion )

Charles Schumer: $4 billion for neighborhood stabilization through community development block grants for localities. as a former county supervisor, mr. president, it goes back a ways, but i well remember the health of

5:56:10 to 5:56:26( Edit History Discussion )

Charles Schumer: the neighborhoods depended on the homeowners. and when the homeowners stk-s appear because -- and when the homeowners disappear because they can't sell their home or they foreclose on a home, the whole

5:56:26 to 5:56:43( Edit History Discussion )

Charles Schumer: neighborhood begins to wither. and this is a problem. so this $4 billion that will go to revitalize our neighborhoods and stabilize them i believe is very important. it provides $150 million in additional

5:56:43 to 5:57:01( Edit History Discussion )

Charles Schumer: funding for housing counselors. mr. president, i held many open meetings throughout my state on the cry circumstance and the crying need was for housing counselors. somebody has to find out who they

5:57:01 to 5:57:17( Edit History Discussion )

Charles Schumer: have their mortgage with. maybe it's changed four times. maybe the mortgage was securitized. they don't have anyone to contact. and we need these counselors to be on their side. and the funding in

5:57:17 to 5:57:39( Edit History Discussion )

Charles Schumer: this bill will help as many as 250,000 more families work with their mortgage is of or lender to find a way to keep their home. i know when you get people around the table who really know what's happening,

5:57:39 to 5:58:00( Edit History Discussion )

Charles Schumer: we can solve a lot of these problems. third, the bill creates the hope for homeowners act, which authorizes $300 billion in f.h.a.-backed loans to help families stay in their homes at no cost to american

5:58:00 to 5:58:13( Edit History Discussion )

Charles Schumer: taxpayers because of the way this will work. now, these arell vital steps. now, my big concern goes to the issue of the nation's high-cost areas, of which california is one. and we now -- we see that there

5:58:13 to 5:58:28( Edit History Discussion )

Charles Schumer: is a permanent increase in the loan limits for fanny, freddie and f.h.a., but they are not as high as what was in the stimulus package. although it's $625,000, it's a step in the right direction. we really

5:58:28 to 5:59:00( Edit History Discussion )

Charles Schumer: should go back to the $729,000 that we had under the economic stimulus package. the loan limit for participation in the hope for homeowners program is set at $550,000. given the concentration of foreclosures

5:59:00 to 5:59:20( Edit History Discussion )

Charles Schumer: in high-cost areas, a higher loan limit for this program is essential. now, i know this was an issue for senator shelby, but i want to point out that, you know, in his state, i think the average of a

5:59:20 to 5:59:32( Edit History Discussion )

Charles Schumer: home is about $130,000. the average mortgage or average home? the median home price, $130,000. that is way under other areas, particularly areas like florida, california, nevada. by the way, i'd ask unanimous

5:59:32 to 5:59:47( Edit History Discussion )

Charles Schumer: consent to place in the record the states that would benefit from the higher home -- from the higher loan limit. the presiding officer: without objection, it will be included in the record. mrs. boxer:

5:59:47 to 5:59:59( Edit History Discussion )

Charles Schumer: mr. president, i think there's 28 states here. believe me when i say if we stick with the lower limits, a lot of people aren't going to get the benefit. we're talking really about 97 million americans

5:59:59 to 6:00:18( Edit History Discussion )

Charles Schumer: who would be adversely impacted by the fact that we don't have a higher limit here. in california, 21 million people, more than half the state's population, live in one of 14 counties that have a median

6:00:18 to 6:00:43( Edit History Discussion )

John Kerry: price so high that they do qualify for the higher $729,000 loan limit. so i would say to my friend, senator shelby, please remember that borrowers in his state will have access to affordable mortgages

6:00:18 to 6:08:21( Edit History Discussion )
Speech By: John Kerry