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| TIME | SPEAKER | TEXT |
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| 00:00:29 |
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THIS IS CELESTIN THREE HOURS. GOOD MORNING. THIS HEARING OF THE SUBCOMMITTEE ON HOUSING AND COMMUNITY... |
| 00:05:51 |
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OPENING STATEMENT BE GIVEN BY THE RANKING MEMBER OF THE FULL COMMITTEE, MR. BACHUS. THANK YOU, MS.... |
| 00:10:43 |
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PROGRAMS ARE UNDERMINING OUR CURRENCY AND I WOULD BE A DISASTER FOR THIS COUNTRY. THANK YOU MADAM... |
| 00:15:45 |
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THE FIRST TO SAY WE NEED TO CHANGE THE LEGISLATION SO THAT GOING FORWARD WE DON'T FIND OURSELVES IN... |
| 00:18:09 |
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TO DO AND RETURN TO THE ROAD TOWARDS PROSPERITY. I LOOK FORWARD TO HEARING FROM WITNESSES TODAY AND... |
| 00:19:03 |
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THE SECOND WITNESS WILL BE DAVID STEVENS ASSISTANT SECRETARY OF HOUSING AND FEDERAL HOUSING ADMINISTRATION... |
| 00:24:15 |
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THANK YOU VERY MUCH. THANK YOU VERY MUCH. MR. STEVENS? CHAIRWOMAN WATERS, RANKING MEMBER CAPITAL,... |
| 00:30:47 |
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PROGRAMS AND TO DEVELOP NEW ELEMENTS THAT IMPROVE AND REFINE NH EIGHT AND AS ALWAYS WE STAND COMMITTED... |
| 00:31:26 |
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TIME THE PROGRAM WAS INTRODUCED WHAT WAS THE EXPECTED RATE OF EMPLOYMENT, HOW MANY ELIGIBLE HOMEOWNERS... |
| 00:35:18 |
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WE THINK CAN CONTINUE TO LIMP PERFORMANCE UNDER THE PROGRAM. THANK YOU -- RANDY MEMBER? OF COURSE,... |
| 00:36:28 |
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LIMITING CONSUMER CHOICE A EXPRESSED CONCERNS ABOUT CONSUMERS' HAVING TOO MUCH WASTE. IS THE PROPER... |
| 00:40:43 |
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ALL RIGHT. THANK YOU MR. GREEN. THANK YOU MADAM CHAIR. I WOULD LIKE TO THANK YOU FOR HEARING WE HELD... |
| 00:45:57 |
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DO YOU FIND ANY ADVERSE IMPACT BANKRUPTCY WILL HAVE ON THE PROGRAM THAT YOU'RE IMPLEMENTING CURRENTLY?... |
| 00:46:08 |
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WOOD BANKRUPTCY -- A BANKRUPTCY BILL THAT IS RETROSPECTIVE. NO. LET'S MOVE TO MR. STEPHENS, RETROSPECTIVE... |
| 00:46:40 |
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TODAY THAT MY TIME IS LIMITED. WITH REFERENCE TO RETROSPECTIVE BANKRUPTCY WITH IT ADVERSELY IMPACT... |
| 00:47:12 |
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ACTUAL MODIFICATIONS CAN SURPASSED THE TRIAL PERIOD BECAUSE THE TRIAL PERIOD IF YOU WERE ON TIME FOR... |
| 00:52:34 |
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REALISTIC MEASURE OF SUCCESS UNDER THE PROGRAM. WE KNOW SOME PEOPLE ARE NOT GOING TO BE ABLE TO MAKE... |
| 00:52:43 |
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ABOUT EXPECTATIONS IN THAT REGARD. A CLARIFICATION MR. BARR, DID YOU SAY THAT SERVICERS HAD FOUR ... |
| 00:53:23 |
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DURING TEMPORARY FOR GERRANS? WE WELCOME THEM EVERY DAY AND WE HAVEN'T FOUND THEM YET. I WOULD CERTAINLY... |
| 00:53:47 |
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FHA ARE ENOUGH OR DO YOU THINK THAT THERE NEEDS IN THE AREA OF ADMINISTRATIVE FUNDING STAFF INCREASES... |
| 00:56:48 |
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MODIFICATION AND HAS LOWER PAYMENTS BUT BUILDS NO EQUITY OVER THE MODIFICATION TERMS CANNOT THE PLAN... |
| 00:58:30 |
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THAT IS EVEN LESS GENEROUS TO THE OR WORSE. I YIELD BACK. THANK YOU VERY MUCH. MR. MILLER. IT'S NICE... |
| 01:01:20 |
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RUN WE ARE GOING TO CREATE GREAT HARM TO THE INDUSTRY BECAUSE A LENDER WOULD HAVE BEEN MORTGAGE BROKER... |
| 01:01:40 |
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I THINK THIS HEADING THIS DIRECTION COULD BE VERY DANGEROUS TO THE MARKETPLACE IN |
| 01:02:08 |
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THE LONG RUN. BUT THE QUESTION I HAD IS WE GO IN THE HOUSE AND ALLOW BANKS TO BASICALLY TAKE PROPERTIES... |
| 01:04:26 |
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I THINK THERE'S ROOM TO THAT WITHIN THOSE SET OF PARAMETERS. THANK YOU. THANK YOU. I APPRECIATE IT.... |
| 01:05:26 |
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HAS ANY BENCH MARKETS OR STANDARDS THAT ARE YOU ARE HOLDING THE MORTGAGES TO OR PARTICULARLY THOSE... |
| 01:06:49 |
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IN THAT POOL ARE BEEN OFFERED MODIFICATIONS. THERE'S MORE THAT WE COULD DO. BUT I THINK WE ARE ON... |
| 01:09:02 |
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SIGNS AND EXCEEDING THE FORECLOSURE RATES. WE'LL SEE IF THAT CONTINUES. THANK YOU, CHAIR, I YIELD... |
| 01:13:48 |
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NOT, IT WOULD HAVE A NEGLIGIBLE EFFORT. THANK YOU VERY MUCH. THANK YOU MADAME CHAIR. AND THANK YOU... |
| 01:15:25 |
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THE REMEDY AT THIS POINT IS NOT ADEQUATE TO THE MAGNITUDE OF THE CHALLENGE. THANK YOU IF I COULD JUST... |
| 01:17:55 |
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ALLEVIATE THE VERY REAL PAIN THAT MY CONSTITUENTS ARE FEELING. SO THANK YOU FOR YOUR EFFORTS. MADAME... |
| 01:18:28 |
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3RD WILL AUDIT MODIFICATION APPLICATIONS. HOW WILL THE TREASURY ENSURE THAT THE SAMPLE IS A CROSS ... |
| 01:21:24 |
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THE PROGRAM PERFORMANCE INCLUDING PUBLIC REPORTING, SETTING MORE OPERATIONAL METRICS AND DEVELOPING... |
| 01:23:45 |
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SERVICER AND MEMBER WANTS TO BE A LOW PERFORMER. I SEE. THANK YOU. I YIELD BACK. THERE ARE NO MORE... |
| 01:25:47 |
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DR. MARK CALABRIA. I THANK YOU FOR YOUR INVITATION TO APPEAR TODAY. I'M THE DIRECTOR OF FINANCIAL... |
| 01:31:49 |
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SHOCKS VIA JOBLESS AND UNTIL WE DEAL WITH THOSE WE WILL BOTH SEE VERY HIGH LEVELS GOING FORWARD. THANK... |
| 01:37:28 |
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NATION. THANK YOU, AND I LOOK FORWARD. THANK YOU VERY MUCH. MEMBERS OF THE SUBCOMMITTEE, THANK YOU... |
| 01:42:57 |
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MEASURES ON THEIR OWN BY ENTITIES THAT PROFIT FROM HOMEOWNERS EVEN WITH INCENTIVES |
| 01:43:05 |
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WILL NOT LEAD US OUT OF THIS CRISIS. THANK YOU FOR THE OPPORTUNITY TODAY. WE LOOK FORWARD TO WORKING... |
| 01:48:16 |
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IT'S ADDED SUBSTANTIALLY TO OUR HOMEOWNERS. YET WE UNDERSTAND THAT WE HAVE A LOCK WAY TO GO ON THE... |
| 01:48:23 |
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WE LOOK FORWARD TO CONTINUING TO WORK WITH CONGRESS ADMINISTRATION ON THESE IMPORTANT ISSUES. I WOULD... |
| 01:53:46 |
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THANK YOU FOR ATTENTION. I'LL BE HAPPY TO ANY ANSWER QUESTIONS YOU MAY HAVE. THANK YOU. MR. WILLEN.... |
| 01:58:27 |
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WE HOPE THESE FINDINGS TO YOUR WORK ADDS POLICYMAKERS, AND THANK YOU AGAIN FOR THE OPPORTUNITY TO... |
| 02:00:30 |
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AND ESTABLISHING AN COME AYAAN WE WILL COME OUT AND WORK WITH THEM AND IF THEY DO ESTABLISH INCOME,... |
| 02:03:09 |
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THE LOAN, WHICH INCREASES THE AMOUNT OF THE MODIFIED LOANS. HOW DO YOU HANDLE THAT? LET ME JUST ASK... |
| 02:05:50 |
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THE FOLLOWING, AND YOU GO ON AND TALK ABOUT WHAT THEY MAY HAVE QUALIFIED FOR. BYE SIGNING BELOW YOU... |
| 02:07:15 |
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IF THEY FOUND THEIR TREES MODIFICATION WAS NOT SUSTAINABLE, THEY WOULD STILL BE ELIGIBLE THEN TO COME... |
| 02:07:48 |
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THE SAME TIME SIMULTANEOUSLY. ISN'T THAT PART OF WHAT YOUR TESTIMONY WAS? YES. YES, OKAY. BUT THEN... |
| 02:09:18 |
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THAT WE WILL LIVE BY THOSE STATES OR REASONABLY EXTEND THE DATE. BETTER SAY RATHER THAN HOLDING OFF... |
| 02:11:42 |
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FOR TRANSPARENCY AND ACCOUNTABILITY SHOULD BE SOMETHING THAT WOULD COME WITH A REPORT ON THAT. SO... |
| 02:15:07 |
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BANK, YOUR OTHER OPTIONS -- ARE YOU GETTING ALL THIS DOCUMENTATION BEFORE YOU DO THIS INSTEAD OF WHEN... |
| 02:16:06 |
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TO BE HELD SOONER BY THE TRIAL MODIFICATION PERIOD. WE COULD DO THAT WORKED WITH THE THREE MONTH PERIOD... |
| 02:16:33 |
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SOME INTELLIGENCE ON LEGAL FEES AND PERHAPS OTHER FEES. WOULD YOU RESTATE THAT AGAIN, BECAUSE I THINK... |
| 02:20:45 |
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YOU'VE DEALT WITH THE ARMS AND OTHER ASPECTS OF WHAT OSTENSIBLE CAUSE OF THE CRISIS. BUT YOUR CONCLUSION... |
| 02:27:05 |
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AMERICA REPRESENTATIVES. WOULD THIS HELP SOME SERVICERS AND SOME INVESTORS TO SEE THAT MAYBE WE DO... |
| 02:29:26 |
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PRIMARY RESIDENCE OF THAT HE OR SHE OR THEY ARE TRYING TO PROTECT. THESE PEOPLE NEED HELP, TOO. THAT... |
| 02:31:36 |
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FRAUDULENT -- AND THAT ARE CLEARLY FRAUDULENT. SOME OF THE STATEMENTS FALSIFIED? A LOT OF IN, FALSIFICATIONS... |
| 02:34:29 |
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IT WAS WHEN THEY SIGNED ON THE DOTTED LINE FOR THE MORTGAGE? AND NOW YOU'RE SAYING TO THEM YOU DON'T... |
| 02:37:19 |
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KNEES COHEN, YOU WERE THE ONE THAT TRIED TO EXPLAIN TO US HOW SERVICERS RUSHED TO FORECLOSURE RATHER... |
| 02:38:41 |
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MUKASEY LET ME JUST ASK MS. SHEEHAN, CHASE HOME LENDING, JPMORGAN CHASE ARGUE ADVANCING PAYMENTS TO... |
| 02:39:22 |
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IS BEST FOR THE INVESTOR. WELLS FARGO, ARE YOU ADVANCING THE PAYMENT, THE MORTGAGE PAYMENTS TO THE... |
| 02:40:34 |
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CLOSE RATHER THAN HOLD OUT AND DO A MODIFICATION? IS THERE EVERY TIME? YES, SIR. MS. SHEEHAN ADDRESSED... |
| 02:42:13 |
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INTEREST RATE AND THE BORDER WILL BE THE EXACT SAME SITUATION AS FAR AS PAYMENT AMOUNT UNDER THE MHA... |
| 02:43:50 |
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ARE SAYING AND UNTIL THEY ARE PUSHED IN A MANDATORY FASHION NOTHING IS GOING TO CHANGE. CAN I MAKE... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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