| 00:00:38 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
THIS PROBLEM WE NEED FOR LARGE-SCALE LONG-TERM HOUSING FINANCE REFORM. WHILE THE COMMITTEE CONTINUES TO BE CONCERNED ABOUT THE LONG-TERM STRUCTURE...
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| 00:04:09 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
THIS TOPIC IS TIMELY, I THINK IT IS DISAPPOINTING THAT FOR YEARS AFTER THE BURST OF THE HOUSING BUBBLE, THE COMMITTEE HAS STILL NOT PRODUCED COMPREHENSIVE...
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| 00:07:42 |
Reed, John "Jack" F. - U.S. Senator, [D] Rhode Island
I DID WANT TO COMMEND THE SECRETARY PUT ALL HIS EFFORTS. I WOULD LIKE TO COMMEND SENATOR MENENDEZ FOR HIS THOUGHTFUL PROPOSAL. WE HAVE TRIED OVER...
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| 00:09:19 |
Menendez, Robert "Bob" - U.S. Senator, [D] New Jersey
MARKET MUST INVOLVE MANY STRATEGIES TO ATTACK THE PROBLEM FOR MANY ANGLES. REFINANCING SHOULD BE ONE OF THOSE STRATEGIES, PARTICULARLY FOR BORROWERS...
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| 00:13:15 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
OF HOUSING AND URBAN DEVELOPMENT. SECRETARY DONOVAN HAS SERVED IN THIS CAPACITY SINCE JANUARY 2009. SECRETARY DONOVAN, YOU MAY PROCEED WITH YOUR TESTIMONY....
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| 00:13:48 |
Donovan, Shaun - Secretary
CRISIS BEGAN. INDEED, WITH INTEREST RATES AT HISTORIC LOWS, MORE THAN 14 MILLION HOMEOWNERS TO REFINANCE THEIR MORTGAGES, PUTTING NEARLY $27 BILLION A...
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| 00:20:50 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
MR. SECRETARY, PERTAINING TO TRANSPORT 2.0, FHA MADE SOME CHANGES TO THE H.A.R.P. PROGRAM LAST FALL, IT INCLUDING THE LOANS THAT ARE ELIGIBLE FOR REFINANCING...
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| 00:21:31 |
Donovan, Shaun - Secretary
LARGEST LENDERS THAT ARE BEING PROCESSED RIGHT NOW, THE THREE KEY REMAINING BARRIERS THAT WE SEE, ONE IS THAT WE HAVE MANY FAMILIES WHO ARE ABOVE WATER...
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| 00:30:23 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
TO ALLOW BORROWERS WITH PRIVATE SECTOR LOANS TO REFINANCE INTO FHA BACKED LOANS. YESTERDAY I RECEIVED A WRITTEN RESPONSE TO THIS REQUEST, STATING THAT...
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| 00:31:15 |
Donovan, Shaun - Secretary
I WILL SAY IT WOULD BE HAPPY TO SHARE AND MEET WITH YOU AND SHARE DETAILED -- ANYBODY IN THE COMMITTEE, OF THE SPECIFICS. OUR ESTIMATE IS THAT THERE...
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| 00:36:58 |
Menendez, Robert "Bob" - U.S. Senator, [D] New Jersey
BORROWERS ARE SAVING AS MUCH AS $2500 PER YEAR, WHICH, AS YOU POINTED OUT, IS THE EQUIVALENT OF A BIG TAX CUT FOR THOSE BORROWERS. AM I CORRECT IN SAYING...
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| 00:37:47 |
Donovan, Shaun - Secretary
REFINANCING. IT HAS BOTH OF THOSE BENEFITS. INCREASING THE SAVINGS FOR THOSE FOLKS WHO ARE ARDIE REFINANCING, AS WELL AS EXPANDING THE POOL OF FAMILIES...
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| 00:42:47 |
Corker, Bob - U.S. Senator, [R] Tennessee
TESTIMONY. >> MR. CHAIRMAN, I ATTENDED THE SUBCOMMITTEE MEETING THAT SENATOR MENENDEZ HAD, AND IT WAS A GOOD HEARING. I THOUGHT WE HAD SOME GOOD WITNESSES....
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| 00:45:34 |
Donovan, Shaun - Secretary
SETTLEMENT THAT WE WERE CLEAR THAT ANY OF THOSE WRITE-DOWNS THAT HAPPENED ON PRIVATE-LABEL SECURITIES LOANS NEEDED TO BE NET PRESENT VALUE POSITIVE....
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| 00:53:07 |
Merkley, Jeffery "Jeff" - U.S. Senator, [D] Oregon
SAME PAYMENT AT LOWER INTEREST RATE AND SHORTER TERM WOULD BE OUT FROM UNDER WATER IN FIVE YEARS, IT IS A FAIRLY POWERFUL OBSERVATION TO BRING TO THIS....
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| 00:54:43 |
Donovan, Shaun - Secretary
IS TO ALLOW UP TO 140% LOAN TO VALUE WITH A CLEAR VIEW THAT ANY LOAN THAT IS DEEPLY UNDERWATER WOULD HAVE TO BE WRITTEN DOWN SUBSTANTIALLY TO GET WITHIN...
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| 01:00:29 |
Hagan, Kay R - U.S. Senator, [D] North Carolina
IN NORTH CAROLINA. I THINK HE'LL DO A TREMENDOUS JOB AS MANAGER OF THE GLOBAL MORTGAGE SERVICE THERE SETTLEMENT AREA. I SAW THIS MORNING ONE LARGE ...
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| 01:01:16 |
Donovan, Shaun - Secretary
I THINK HE SAW THE REPORT SAID BANK OF AMERICA HAS BEGUN BILLING ABOUT 200,000 LETTERS TO BORROWERS. GOING BEYOND THAT, THERE HAVE VERDICT IN PRINCIPLE...
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| 01:06:03 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
IMPROVE THE MARKET IF THESE CHANGES ARE NOT -- ARE DELAYED QUITE >> MR. CHAIRMAN, THIS IS SUCH AN IMPORTANT PIECE OF THIS AND THIS IS WHY I THINK YOU...
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| 01:06:25 |
Donovan, Shaun - Secretary
AND WILL TALK SPECIFICALLY ABOUT THE IMPORTANCE OF EXPANDING REFINANCING. THERE IS A REAL URGENCY HERE BECAUSE INTEREST RATES TODAY ARE AT THE LOWEST...
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| 01:07:57 |
Shelby, Richard C. - U.S. Senator, [R] Alabama
GICS, FANNIE MAE AND FREDDIE MAC THERE HAVE BEEN A LOT OF PROPOSALS ABOUT THE ADMINISTRATION DEALING WITH THAT BASIC PROP PELAEZ GOT FIRST LANE, WHICH...
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| 01:09:39 |
Donovan, Shaun - Secretary
LIEN? >> WITH ACTUALLY IMPLEMENTED BY REQUIREMENT IN OUR CAMP PROGRAM AND IN THE SETTLEMENT PROGRAM. >> IF YOU TOOK THE SECOND PROGRAM TO DO WITH THE...
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| 01:22:07 |
Merkley, Jeffery "Jeff" - U.S. Senator, [D] Oregon
BECOME STABILIZED IN THIS COMMUNITY, HOME PRICES WENT FROM 60,000 TO OVER 100,000 WE MISS THE WINDOW OF OPPORTUNITY. I AM AFRAID THAT THAT IS GOING...
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| 01:28:05 |
Donovan, Shaun - Secretary
DELINQUENT OR WHERE THERE IS SIGNIFICANT PRINT THE REDUCTION HAVE BEEN NAMED. AND THAT'S I THINK THE RIGHT FOCUS AND THOSE TYPES OF SITUATIONS. TO...
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| 01:32:24 |
Johnson, Tim P. - U.S. Senator, [D] South Dakota
MULTIFACETED APPROACH AND I LOOK FORWARD TO WORKING WITH MY COLLEAGUES TO CONTINUE THAT EFFORT. SO WITH THAT, THIS HEARING IS ADJOURNED. [INAUDIBLE...
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.