House Proceeding on Jan 7th, 2009 :: 0:10:35 to 0:16:05
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0:10:31 to 0:10:51( Edit History Discussion )

Marcy Kaptur: exist. in the face of such hate, israel is left with no choice but to defend its people from these murderous terrorists. that's just the way it is. i yield back. the speaker pro tempore: the gentleman yields back. the gentleman from rhode island, mr. langevin for five

0:10:35 to 0:16:05( Edit History Discussion )
Speech By: Marcy Kaptur

0:10:52 to 0:11:12( Edit History Discussion )

Marcy Kaptur: minutes. for what purpose does the gentlewoman from ohio rise? >> to use mr. langevin's time and address the house for five minutes. the speaker pro tempore: thank you. the gentlelady is recognized for five minutes.

0:11:13 to 0:11:33( Edit History Discussion )

Marcy Kaptur: >> the opportunity of a new congress is that it's not bound by the mistakes of the past. as foreclosure rates rise, it's pretty obvious that the federal responses are not working on main street. whether it's the 00 billion wall street bailout or the 00 billion f.h.a. loan workout program.

0:11:34 to 0:11:54( Edit History Discussion )

Marcy Kaptur: citigroup, for example, was one of the big culprits that caused the financial meltdown. yet they got paid 5 billion from the public treasury, but ohio, where foreclosures are raging, got nothing. instead, out of state mega banks are buying up ohio banks

0:11:55 to 0:12:17( Edit History Discussion )

Marcy Kaptur: while more ohio homeowners get boed out of their homes. last year in my home county of lucas, another 4,100 homes were foreclosed. that's a minimum of 10,000 -- 10,000 more people who were not helped by treasury's failed tarp program.

0:12:18 to 0:12:40( Edit History Discussion )

Marcy Kaptur: ohio's families alone need 0 billion to stop the real estate hemorrhage, which is less than what c would go to real people not every sats and paper trades on wall street. in toledo, ohio, you can buy a home f ,500, but last fall, rather than local homeowners

0:12:41 to 0:13:04( Edit History Discussion )

Marcy Kaptur: being refinanced through this wall street bailout bill, one california investor figured it out he bought 137 foreclosed properties in toledo at auction. an auction sponsored by the very wall street banks that caused the trouble in the first place. houses are being auctioned at prices so low we could have put

0:13:05 to 0:13:25( Edit History Discussion )

Marcy Kaptur: the orinal occupants back in. even cities would be able to bid on these homes on behalf of their local homeowners, their property owners. but they've not yet received any funds from the billion neighborhood stabilization program that we were told was supposed to keep local nehborhoods whole. but the wall street banks are cleaning up.

0:13:26 to 0:13:46( Edit History Discussion )

Marcy Kaptur: they get the bailout money, they don't have to manage those properties, they auction them, to outsiders, and then they're just waiting for their taxes to be filed for 2008 at the i.r.s. get all those losses booked and get more back from the people of the united states.

0:13:47 to 0:14:09( Edit History Discussion )

Marcy Kaptur: something is very wrong and uncoordinated with the man for the which the federal government is being -- is allowing equity to be bled from local homeowners and from our communities at large and awarded to wall street whole. wall street banks that hold or sell mortgages on foreclosed properties are not managing their property holdings.

0:14:10 to 0:14:31( Edit History Discussion )

Marcy Kaptur: these holdings are frequently stripped of copper, electrical wiring, and other materials, further devaluing adjacent properties and decimating entire neighborhoods. the 00 billion f.h.a. program designed to help modify troubled mortgage loans is as ineffective as the wall street bailout.

0:14:32 to 0:14:54( Edit History Discussion )

Marcy Kaptur: the program has received fewer than 200,000 applications nationwide and not a single loan has been modified. a bank's receipt of tarp funds should be conditioned on then engaging in money work outs to make surthe program starts to work somewhat. many banks and servicers are

0:14:55 to 0:15:16( Edit History Discussion )

Marcy Kaptur: still reluctant to structure workable solutions with their mortgagees. among them are j.p. morgan chase and others who received 5 billion among them. what's fair about that? may the 111th congress pass more than just hollow legislation. let's pass a measure worthy of

0:15:17 to 0:15:40( Edit History Discussion )

Marcy Kaptur: the oath we took yesterday to protect our republic from all enemies, foreign and domestic. jesse james robbed banks because he said that's where the money is. well, wall street just robbed the biggest bank of them all, the public treasury. it's time for congress to blink

0:15:41 to 0:16:01( Edit History Discussion )

Marcy Kaptur: and do what's right in the 111th congress of the united states. madam speaker, i thank you very much and yield back my remaing time. the speaker pro tempore: the gentlelady yields back her time. mr. jones of north carolina.

0:16:02 to 0:16:06( Edit History Discussion )

Marcy Kaptur: mr. engel of new york. for what purpose does the