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| TIME | SPEAKER | TEXT |
|---|---|---|
| 00:07:52 |
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THANK YOU. |
| 00:07:57 |
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I RECOGNIZE MR. TURNER FROM OHIO. OHIO. |
| 00:08:00 |
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THANK YOU, CHAIRMAN KUCINICH. I APPRECIATE YOU HOLDING THIS HEARING AND ALLOWING ME TO PARTICIPATE.... |
| 00:10:42 |
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THANK YOU, GENTLEMEN. A PLEASURE TO WORK WITH HIM ON THIS. THE CHAIR RECOGNIZES THE GENTLE LADY FROM... |
| 00:10:54 |
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THANK YOU, MR. CHAIRMAN. THANK YOU FOR HOLDING THE VERY IMPORTANT HEARING ABOUT THE SUBPRIME MORTGAGE... |
| 00:13:17 |
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I RECOGNIZE THE GENTLEMAN FROM THE BUFFALO AREA, MR. HIGGINS. |
| 00:13:22 |
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THANK YOU, MR. CHAIRMAN. I LIKE YOU IN REPRESENTING THE CITY COUNCIL, I REPRESENTED THE CITY OF BUFFALO... |
| 00:14:37 |
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I THANK THE GENTLEMAN, ASK THE WITNESSES TO COME FORWARD, MR. KILDY AND MISS LORRAINE. WHILE YOU'RE... |
| 00:24:52 |
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I THANK THE GENTLEMAN FOR HIS VERY FLUID AND COMPREHENSIVE STATEMENT ABOUT THE UNDERLYING ECONOMIC... |
| 00:25:23 |
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THANK YOU, MR. CHAIRMAN. MR. CHAIRMAN AND MEMBERS OF THE SUBCOMMITTEE THANK YOU VERY MUCH FOR THE... |
| 00:27:36 |
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IN MY COUNTY IT WENT TO 918 DURING THE FIRST QUARTER OF 2008, AN INCREASE OF 1250%. NOTHING LIKE MR.... |
| 00:30:49 |
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I THANK THE GENTLE LADY FOR HER TESTIMONY. I'D LIKE TO BEGIN WITH ASKING TREASURER KILDEE SOME QUESTIONS.... |
| 00:31:19 |
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THE MOST SIGNIFICANT LESSON WE LEARNED IS ECONOMICS DO MATTER WHEN IT COMES TO URBAN LAND AND CANNOT... |
| 00:32:13 |
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YOU HAVE A DATABASE YOU CAN LITERALLY SEE WHO GOT INTO THE SUBPRIMES? WHO'S COME OUT IN THE SECONDARY... |
| 00:32:23 |
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RIGHT. |
| 00:32:27 |
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THE ISSUE FOR US, WE WANT TO APPROACH WITH THE SUPPORT OF THE FEDERAL GOVERNMENT WITH STRENGTH THOSE... |
| 00:32:52 |
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WHAT KIND OF FEDERAL AID OR ASSISTANCE WOULD BE REQUIRED OR STRENGTH IN THE POSITION VIS-A-VIS THE... |
| 00:33:58 |
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BY STEPPING FORWARD THE WAY YOU DO, DO YOU THINK YOU DO A BETTER JOB THAN TRADITIONALLY PRIVATE SECTOR,... |
| 00:34:14 |
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I THINK SO. I WOULD SAY WHICH PRIVATE SECTOR? BECAUSE THERE'S ALL SORTS OF MARKETS FOR LAND. WHAT... |
| 00:40:01 |
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LENDERS SECURE THEIR FINANCIAL INTEREST IN A PROPERTY WITH A MORTGAGE, WHICH FROM OUR POINT OF VIEW,... |
| 00:41:47 |
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YES, SIR. ONE THING TO RECALL AS WELL IS WHEN YOU HAVE AN ABANDONED PROPERTY WITH CODE ENFORCEMENT... |
| 00:44:05 |
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THE ISSUE OF PREDATORY LENDING IS ONE WE'VE BEEN STRUGGLING WITH IN MARYLAND QUITE SOME TIME. AS... |
| 00:45:17 |
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YOU LED RIGHT INTO MY NEXT QUESTION. I WANTED TO KNOW AND ALSO, MR. DI -- UNCLE IS USUALLY MY SEAT... |
| 00:45:46 |
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I HAVE NOT -- I MEAN, I'M IN A COMMUNITY WHERE THERE'S DISINVESTMENT. WE DON'T HAVE SIGNIFICANT INVESTMENT.... |
| 00:47:10 |
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I'M GETTING READY TO HOLD A HUGE FORUM ON THIS ISSUE. AND WE HAVE BANKERS AND WE HAVE ALL ASPECTS... |
| 00:48:26 |
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IF I MIGHT OBSERVE AS WELL, CONGRESSWOMAN WATSON, CONSUMER COUNSELING IS GOING TO HAVE TO BE THE AREA... |
| 00:48:58 |
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JUST ANOTHER COMMENT, MR. CHAIRMAN. BUT IN CALIFORNIA, WE HAVE AN OFFICE OF CONSUMER AFFAIRS AND ... |
| 00:49:37 |
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AND I'D LIKE TO HAVE AN ONGOING DISCUSSION WITH THE GENTLE LADY ABOUT THAT. YOU THINK WE NEED TO LOOK... |
| 00:49:49 |
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THANK YOU BOTH FOR BEING HERE TODAY. I THINK YOU GIVE A VERY GOOD PICTURE WHAT'S GOING ON OUT THERE.... |
| 00:50:04 |
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THANK YOU. |
| 00:50:05 |
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LEGISLATION THAT WE'RE TALKING ABOUT THAT MAY BE VETOED, IN A NUTSHELL, TALKS ABOUT VOLUNTARILY WRITING... |
| 00:50:37 |
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THAT'S REALLY THE QUESTION THAT I THINK WE'RE ALL TRYING TO GET OUR ARMS AROUND. IF THERE IS SOME... |
| 00:51:30 |
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DO YOU HAVE A FEEL FOR YOUR COMMUNITY BANKING -- YOUR LENDERS OUT THAT WAY AS TO WHETHER OR NOT THEY... |
| 00:51:37 |
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LOCAL LENDERS FOR SURE. AND IN THE CASE, FOR EXAMPLE, OF FANNIE MAE, I HAPPEN TO CHAIR THE STATE LAND... |
| 00:53:01 |
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CONGRESSMAN, I THINK FROM THE BANKING PERSPECTIVE, OF COURSE, BANKERS CAN TELL YOU, BUT I THINK IT... |
| 00:53:15 |
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TIME AND WHAT ELSE? |
| 00:53:19 |
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THE TIME IN WHICH PROPERTY IS NOT GENERATING REVENUE FOR THEM AND THE PREDICTABILITY OF THE PROCESS.... |
| 00:53:41 |
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WELL, THANK YOU BOTH. MR. CHAIRMAN, I YIELD BACK. |
| 00:53:50 |
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I WANT TO THANK THE GENTLEMAN FROM MASSACHUSETTS AND THANK THE PANELISTS. THE SUBCOMMITTEE WILL BE... |
| 00:58:02 |
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THANK YOU. CHAIRMAN KUCINICH AND ALL THE MEMBERS OF THE @@@@' & & RR TO ASSESS THE EXTERNAL EFFECTS... |
| 01:03:05 |
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THANK YOU FOR THAT VERY SIGNIFICANT QUANTIFICATION. APPRECIATE IT. MS. BETTS, PLEASE PROCEED. |
| 01:03:14 |
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THANK YOU, MR. CHAIRMAN. |
| 01:03:15 |
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COULD YOU GET A LITTLE BIT CLOSER TO THAT MIKE? AND, STAFF, COULD YOU MAKE SURE THAT MIKE IS ON? |
| 01:03:26 |
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THANK YOU, MR. CHAIRMAN. MEMBERS OF THE COMMITTEE. I'M COMING FROM MEMPHIS, TENNESSEE. WE'RE NOT... |
| 01:05:34 |
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EXCUSE ME. WHAT WAS THAT PERCENT AGAIN? |
| 01:05:37 |
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25% OF OUR SINGLE-FAMILY HOUSING STOCK. |
| 01:05:41 |
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THANK YOU. |
| 01:05:43 |
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OUR SUBPRIME LENDING ESCALATED BETWEEN 2004 AND 2005, GOING UP FROM 25% TO 40% OF ALL MORTGAGE LOANS... |
| 01:11:30 |
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I THANK THE GENTLE LADY. MR. TALMAGE, PRES PROCEED WITH YOUR TESTIMONY. |
| 01:11:35 |
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THANK YOU, MR. CHAIRMAN. WOULD YOU PLEASE BRING THAT MIKE UP A LITTLE BIT CLOSER SO WE CAN ALL HEAR... |
| 01:11:44 |
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THERE WE GO. HOW ABOUT THAT? THANK YOU FOR INVITING ME, BECAUSE I THINK THIS HIGHLIGHTS THE PROBLEMS... |
| 01:16:26 |
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I THANK THE GENTLEMAN. WE'RE GOING TO MOVE TO QUESTIONS NOW. TO TALK ABOUT THE APPROPRIATENESS OF... |
| 01:17:01 |
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THE PROBLEM WITH -- |
| 01:17:04 |
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COULD YOU MAKE SURE THAT'S ON AND BRING IT CLOSER? |
| 01:17:06 |
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I'M SORRY. THE PROBLEM OF MORAL HAZARD IS USUALLY CONSIDERED TO BE THE SITUATION WHERE A DECISION-MAKER... |
| 01:18:18 |
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YOU'VE SAID THAT FORECLOSURE-DRIVEN BRIGHT WILL NOT BE REVERSED BY A MARKET CORRECTION, THAT FORECLOSURE-DRIVEN... |
| 01:19:03 |
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I THINK ONE OF THE WITNESSES EARLIER WAS TALKING ABOUT HOW SOME PROPERTIES CAN BE REINTEGRATED INTO... |
| 01:20:22 |
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I WANT TO GO BACK TO PROFESSOR BEAN. YOU HAVE FOUND THAT THE AMOUNT OF DECREASE IN HOUSING VALUES... |
| 01:20:53 |
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WELL, YOU HAVE TO REALLY LOOK AT BOTH BECAUSE OBVIOUSLY, A NEIGHBORHOOD THAT'S AFFECTED BY TREMENDOUS... |
| 01:21:44 |
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JUST A FOLLOW-UP QUESTION. THE RESEARCH YOU'RE INVOLVED IN SHOWS HOUSING PRICES INCREASES AS THE NUMBER... |
| 01:22:04 |
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NO. FORECLOSURES ARE VERY, VERY CONCENTRATED. FOR EXAMPLE, IN NEW YORK CITY, WE HAVE WHAT WE CALL... |
| 01:22:41 |
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THANK YOU VERY MUCH. I'M GOING TO GO TO CONGRESSMAN WATSON. |
| 01:22:45 |
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REAL QUICKLY, THANK YOU, MR. CHAIRMAN. I THINK YOU PROBABLY ELUDED TO MY QUESTIONS. WHAT FACTORS... |
| 01:23:08 |
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WELL, THE MAIN FACTOR THAT AFFECTS WHETHER A PROPERTY BECOMES VACANT IS THE STRENGTH OF THE HOUSING... |
| 01:24:16 |
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MR. CHAIRMAN, THANK YOU SO VERY MUCH FOR THIS HEARING. WE'VE GOT VOTES ON THE FLOOR, SO I'LL YIELD... |
| 01:24:31 |
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I THANK THE GENTLE LADY. WE'RE GOING TO TAKE A RECESS SINCE THERE ARE VOTES. AT THE CONCLUSION OF... |
| 01:28:06 |
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DO YOU THINK THERE'S ANY DIFFERENCE AND SHOULD THOSE MARKETS BE TREATED DIFFERENTLY IN TERMS OF PROVIDING... |
| 01:28:15 |
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I DON'T THINK SO. I THINK YOU HAVE TO BE VERY CAREFUL FOR A COUPLE OF REASONS. ONE, YOU HAVE IMMARKET... |
| 01:28:49 |
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THANK YOU. MR. TALMAGE, YOU'VE DONE A LOT OF WORK IN DETROIT, CLEVELAND, ST. LOUIS, AMONG OTHER PLACES.... |
| 01:29:15 |
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NO, I DON'T THINK IT'S INSULATED. |
| 01:29:18 |
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EXACERBATED? |
| 01:29:19 |
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IT'S EXACERBATED IT. IN THE CASE OF DETROIT WHERE YOU'VE DECLINED FROM A POPULATION OF 2 MILLION TO... |
| 01:29:26 |
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COULD YOU MAKE SURE THAT MIKE IS ON. |
| 01:29:27 |
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YES, SIR. IS THIS BETTER? IN THE CASE OF DETROIT WHERE THE POPULATION HAS FALLEN FROM 2 MILLION TO... |
| 01:29:58 |
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HOW WOULD FORECLOSURES THAT OCCURRED, LET'S SAY, IN 2000 OR, YOU KNOW, A LITTLE LATER, SHOW UP TODAY... |
| 01:30:10 |
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WOULD THEY BE VACANT OR OWNER-OCCUPIED IN? I THINK -- |
| 01:30:15 |
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WHAT WAS IT LIKE IN 2000? |
| 01:30:18 |
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IN 2000, YOU HAD NEW -- I'LL USE DETROIT AS MY EXAMPLE. THE CITY OF DETROIT LED THE MSA IN THE NUMBER... |
| 01:31:15 |
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PROFESSOR BEAN, I THINK I REMEMBER IN YOUR DISCUSSION AND MAYBE IN BETTS GOT INTO IT AS WELL -- THE... |
| 01:32:36 |
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I'VE ACTUALLY LOOKED AT THAT QUITE A BIT. OUR LOCAL RETAIL BANKS, WHICH ARE THE ONES THAT WERE TO BE... |
| 01:32:44 |
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TALK CLOSER TO THE MIKE, OKAY. BRING THE MIKE CLOSER. |
| 01:32:50 |
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OUR LOCAL RETAIL BANKS ARE RESPONSIBLE FOR LESS THAN 20% OF THE ORIGINATIONS, MORTGAGE ORIGINATIONS... |
| 01:33:42 |
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I WOULD LIKE -- DOES ANYONE ELSE HAVE A RESPONSE TO THAT? |
| 01:33:45 |
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NO. I WOULD JUST ECHO I THINK PHYLLIS IS ABSOLUTELY RIGHT, THAT IN CLEVELAND, IT WASN'T THE ACTIONS... |
| 01:34:15 |
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YEAH, I THINK IT'S REALLY IMPORTANT FOR THIS SUBCOMMITTEE TO, AS WE GET DEEPER INTO THIS ISSUE OF... |
| 01:35:21 |
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JUST A COUPLE OF WRAP-UP QUESTIONS. |
| 01:35:24 |
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PLEASE, DO. |
| 01:35:27 |
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MS. BEEN, IF WE WANTED TO IDENTIFY THE EXTERNAL EFFECTS OF FORECLOSURE, WHAT WOULD BE THE APPROPRIATE... |
| 01:35:47 |
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GENERALLY, IN THINKING ABOUT THE EXTERNAL EFFECTS, YOU WANT TO THINK ABOUT THE NEIGHBORHOOD. UNIT... |
| 01:36:19 |
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IN KEEPING THAT, I THINK WE OUGHT TO PUT SOMETHING ON THE RECORD SIMPLISTIC TO ALL OF US. WE WANT... |
| 01:36:45 |
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THEY'VE LOST -- IF THEY TRY TO SELL THE HOUSE, THEY CERTAINLY WILL NOT MAKE AS MUCH AS THEY WOULD... |
| 01:36:51 |
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IF THAT'S ALL THEY HAVE, THEY'RE OBVIOUSLY IN DIRE STRAITS. I THINK THE RECORD CAN REFLECT FORECLOSURE... |
| 01:37:04 |
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YES. |
| 01:37:07 |
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SO THE LONG-TERM CONSEQUENCES FOR A COMMUNITY LIKE THAT, WHAT'S THE SOCIETAL CONSEQUENCES OF THE NEIGHBORS... |
| 01:37:16 |
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I THINK THE SOCIETAL CONSEQUENCES ARE SEVERAL FOLD. ONE IS WE'VE SEEN WHAT THAT LOOKS LIKE. IT LOOKS... |
| 01:37:55 |
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WOULD THE GENTLEMAN YIELD? |
| 01:37:56 |
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YES. |
| 01:37:58 |
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IN CONNECTION WITH THAT, THIS IS VERY SIGNIFICANT PART OF OUR DISCUSSION BECAUSE I CAN GO BACK TO... |
| 01:38:44 |
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MS. BETTS AND MS. COAL YINTION, YOU WANT ANYTHING ELSE? |
| 01:38:48 |
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I WOULD UNDERSCORE THAT IN A LOT OF MARKETS, I WOULD LOOK AT MEDIUM-SIZED CITIES IN THE SOUTH AND... |
| 01:39:44 |
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YES, SIR. ALSO, I THINK THAT THE UNIT OF ANALYSIS SHOULD BE AT THE BLOCK GROUP LEVEL NOT THE HOUSEHOLD... |
| 01:40:57 |
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IF I MAY, ONE CLOSING QUESTION. MR. TALMAGE, IN YOUR WRITTEN TESTIMONY YOU SAID YOU THOUGHT THAT THE... |
| 01:41:04 |
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YES, SIR. |
| 01:41:05 |
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DO YOU HAVE AN ESTIMATE WHAT YOU THINK IT IS NATIONWIDE? |
| 01:41:09 |
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NO, BUT WE HAVE A METHODOLOGY TO GET TO THAT. |
| 01:41:12 |
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I BET YOU DO. I YIELD BACK TO YOU. |
| 01:41:17 |
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I THANK MY COLLEAGUE. AGAIN, CONTINUING THIS DISCUSSION ABOUT INFRASTRUCTURE, I MENTIONED A PARK.... |
| 01:43:16 |
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AS THE THIRD PANEL IS TAKING ITS PLACE WE'RE FORTUNATE TO HAVE OUTSTANDING WITNESSES ON OUR THIRD... |
| 01:45:35 |
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THANK YOU. FIRST I WANT TO COMMEND THE COMMITTEE FOR TACKLING THIS ISSUE AND ALSO FOR FOCUSING ON... |
| 01:52:42 |
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THANK YOU VERY MUCH. MR. LEEPER, PLEASE PROCEED. |
| 01:52:45 |
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THANK YOU. IT'S AN HONOR TO BE HERE AND REPRESENT THE CODE ENFORCEMENT PROFESSION THROUGHOUT THE UNITED... |
| 01:59:44 |
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I THANK THE GENTLEMAN FOR HIS TESTIMONY. MR. BAKER, THANK YOU. |
| 01:59:49 |
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THANK YOU CHAIRMAN KUCINICH. I APPRECIATE THE OPPORTUNITY TO ADDRESS THE COMMITTEE. I'M GOING TO TAKE... |
| 02:05:46 |
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THANK YOU VERY MUCH, DR. BAKER. LET'S GO TO QUESTIONS OF THE PANEL. I'D LIKE TO BEGIN WITH THE DISCUSSION... |
| 02:06:19 |
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MY FATHER TOLD ME THAT MONEY TALKS. ALL MINE SAYS IS GOOD-BYE, BUT -- |
| 02:06:24 |
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THERE'S ANOTHER PART OF THAT EQUATION. |
| 02:06:27 |
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THAT'S TRUE. AND WE DON'T WALK. I HAVE CONTACTED WELLS FARGO NOW THAT I CAN CALL DIRECTLY WHEN WE... |
| 02:06:57 |
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DO YOU ISSUE FINES TO STOP LOSS? |
| 02:06:59 |
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WHY WE DO. |
| 02:07:01 |
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HAVE YOU SUED TO ENFORCE YOUR ORDINANCE? |
| 02:07:03 |
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WE HAVE LIENED PROPERTIES. OUR LIENS ARE GOING AS A SPECIAL ASSESSMENT ON THE PROPERTY TAXES, AND... |
| 02:07:09 |
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AND ARE YOU KEEPING UP WITH THE PROBLEM WITH THIS ORDINANCE? |
| 02:07:14 |
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WE WERE INITIALLY. IT HAS GONE TO WHERE I HAVE TO ADD STAFF NOW, TAKE THEM OFF OF OTHER ITEMS THAT... |
| 02:07:24 |
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DO MUNICIPALITIES NEED ADDITIONAL FUNDING FOR CODE ENFORCEMENT? |
| 02:07:28 |
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IN A WORD, YES. |
| 02:07:29 |
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THIS IS ONE OF THOSE ISSUES THAT RELATES TO HUD AND WE, YOU KNOW, IN THE PAST, WE HAD A GENERAL REVENUE... |
| 02:08:04 |
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YES, CODE ENFORCEMENT IS -- CODE ENFORCEMENT IS A VERY INTEGRAL -- |
| 02:08:08 |
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DO YOU WANT TO GET IN ON THAT? |
| 02:08:11 |
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IF I COULD ADD TO THAT. FIRST, I AGREE 100%. I THINK THEY DO NEED ADDITIONAL RESOURCES. BUT THEY... |
| 02:08:32 |
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WHAT CAPACITY NEEDS TO BE BUILT? |
| 02:08:34 |
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WELL, THE SKILLS -- THE SKILLS OF THE INSPECTORS. THE ABILITY OF THE DEPARTMENT -- CODE ENFORCEMENT... |
| 02:08:55 |
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THE FEDERAL GOVERNMENT HAVE ANY ROLE IN THAT AT ALL? |
| 02:08:59 |
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WELL, I'LL SAY TWO THINGS. ONE, CERTAINLY FINANCIAL HELP COULD BE DONE. THE OTHER THING, AND I KNOW... |
| 02:09:11 |
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RIGHT. |
| 02:09:13 |
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SO THAT YOU HAVE TO HAVE A PROPERLY FUNCTIONING CODE ENFORCEMENT AND NUISANCE ABATEMENT OPERATION... |
| 02:09:24 |
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WHAT ABOUT INCENTIVES REQUIRED IN DEAL WITH THE REAL |
| 02:09:26 |
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PARDON? |
| 02:09:29 |
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WHAT ABOUT INCENTIVES THAT MAY BE REQUIRED IN DEALING WITH THE REAL ESTATE INDUSTRY. YOUR CONCERNED... |
| 02:09:41 |
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I AM VERY CONCERNED ABOUT A MORAL HAZARD ISSUE THERE. AND I FIND MYSELF VERY MUCH TORN BECAUSE I THINK... |
| 02:09:53 |
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WOULD YOU DEFINE FOR PEOPLE WHO ARE -- MAY HAVE JUST JOINED US, WHAT YOU MEAN BY MORAL HAZARD. |
| 02:10:00 |
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MORAL HAZARD IS ESSENTIALLY WHERE YOU BAIL OUT SOMEBODY WHO HAS MISBEHAVED AND, THEREBY, GIVE THE... |
| 02:10:13 |
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GIVE US AN EXAMPLE. |
| 02:10:16 |
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WELL, AGAIN, SUPPOSE IF -- THIS IS AN EXTREME CASE. SUPPOSE THE FEDERAL GOVERNMENT OFFERED TO BUYOUT... |
| 02:10:47 |
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THANK YOU. I WANT TO ASK MR. BAKER HERE, BEFORE I GO TO MR. TIERNEY. AS AN ECONOMIST, WHAT WOULD YOU... |
| 02:11:08 |
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I THINK THERE ARE -- THERE CAN BE SOME ISSUES OF MORAL HAZARD. THAT'S GOING TO BE TRUE IN ALMOST ANYTHING... |
| 02:12:56 |
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THE@@@@@@@@Z"RRg'"HRRkgIbRR'RR"RR THE MARKET IN THAT AREA. |
| 02:13:17 |
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YES. |
| 02:13:22 |
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EXPLAIN TO ME WHY THAT IS. |
| 02:13:25 |
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THIS IS AN ACTUAL PASSAGE YOU'D DECIDE WHO YOU WANT TO BENEFIT FROM IT. I BELIEVE REPRESENTATIVE GRAVALA... |
| 02:14:05 |
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IT JUST SEEMED ARBITRARY BECAUSE AT SOME POINT, SOMEBODY JUST OVER THE EDGE AND I DIDN'T KNOW IF THERE... |
| 02:14:47 |
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WELL, IT'S CERTAINLY A LOSS FOR THE LENDER. THEY ARE GOING TO BE TAKING A LOSS ON THE PROPERTY. AND... |
| 02:15:35 |
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I WAS GOING TO ASK IF YOU HAPPEN TO HAVE SOME LAWYERS LOOK AT THAT IN TERMS OF CONSTITUTIONAL IMPLICATIONS.... |
| 02:15:55 |
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THE LAWYERS I HAVE SPOKEN TO ON THAT -- I'VE SPOKEN TO A NUM BEFR LAWYERS -- IN THEIR VIEW THEY THOUGHT... |
| 02:16:12 |
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LET ME ASK THE OTHER TWO GENTLEMEN WHAT YOUR THOUGHTS ARE ON THAT PROPOSAL. |
| 02:16:16 |
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I THINK IT'S BASICALLY A VERY GOOD IDEA. AND, IN FACT, I SHOULD MENTION THAT I'VE BEEN WORKING WITH... |
| 02:17:39 |
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I HAVE HAD CONVERSATIONS WITH SOME OF THE LENDING FOLKS IN THE LENDING INDUSTRY THAT ARE AT LEAST... |
| 02:18:25 |
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MR. BAKER, WHAT DO YOU SAY TO MR. MALLACH'S ADJUSTMENT TO YOUR PROPOSAL. |
| 02:18:32 |
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OBVIOUSLY, A LOT WILL DEPEND WHAT'S ON THE TABLE AND POLITICALLY FEASIBLE. YOU ARE THE BETTER ONE... |
| 02:19:02 |
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ACCORDING TO THE REAL ESTATE INDUSTRY, OCCUPIED PROPERTIES ARE MORE MARKETABLE AND HELPS MAINTAIN... |
| 02:19:11 |
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MR. CHAIRMAN VIRKS TO LEAVE. I WANT TO THANK YOU FOR HAVING THIS HEARING AND FOR THE EXCELLENT WITNESSES... |
| 02:19:32 |
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YOUR PARTICIPATION HELPS MAKE A DIFFERENCE. I JUST HAVE -- BEFORE WE WRAP THIS UP, I HAVE ONE QUESTION... |
| 02:20:10 |
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WELL, OBVIOUSLY, THEY'RE NOT CONCERNED ABOUT THE ASPECT OF MORAL HAZARD APPLYING TO WALL STREET. AGAIN,... |
| 02:20:46 |
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IF THE BUYER IS BEWARE IS THE LENDER TO BE PRUDENT? |
| 02:20:48 |
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EXACTLY. THE LENDERS ARE NOT BEING ASKED TO SUFFER. WE'VE STEPPED IN TO PREVENT THE LENDERS FROM SUFFERING.... |
| 02:20:58 |
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THANK YOU VERY MUCH. I AM DENNIS KUCINICH, CHAIRMAN OF DOMESTIC POLICY SUBCOMMITTEE. THE SUBCOMMITTEE... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
