House Proceeding 02-26-09 on Feb 26th, 2009 :: 0:08:25 to 0:10:10
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0:08:22 to 0:08:43( Edit History Discussion )

Debbie Wasserman Schultz: i now yield to the distinguished gentlelady from florida, debi wasserman schultz -- debbie wasserman schultz, two minutes. recognized for two minutes. ms. wasserman schultz: thank you, mr. speaker. i rise in support of h.r. 106, e helping families save their homes act. mortgage very heart of our financial cris. until we stop this bleeding, we cannot hope to stabilize the

0:08:25 to 0:10:10( Edit History Discussion )
Speech By: Debbie Wasserman Schultz

0:08:44 to 0:09:05( Edit History Discussion )

Debbie Wasserman Schultz: housing market and truly rescue our this legislation is about more than just shoring up our economy. it's about helping hardworking americans hold on to the american dream. foreclosures uproot families and decimate communities. have i can't homes blight our neighborhoods and depress all our property values. foreclosure rates are now approaching heights not seen since the great depression.

0:09:06 to 0:09:27( Edit History Discussion )

Debbie Wasserman Schultz: in my own home state of florida we have the second highest foreclosure rate in the nation since january more than 4,200 families have lost their homes. another 1.2 million florida home own remembers under water. that is they owe more than their homes are worth. mr. speaker, my constituents, our constituents, need a lifeline and we must throw it to them. monetary modification --

0:09:28 to 0:09:50( Edit History Discussion )

Debbie Wasserman Schultz: voluntary modification is not working and our current bankruptcy laws fail our families. unlike every other secured debt, including debt secured by second mes, investment properties, luxury yachts, and private jets the mortgage for a primary residence cannot be modified in bankruptcy. that is simply not fair. the bankruptcy code should be a safety net of last resort for families in distress. in this recession, excluding the

0:09:51 to 0:10:10( Edit History Discussion )

Debbie Wasserman Schultz: family home makes no sense and fans the flames of foreclosure. this bill allows families to remain in their homes and avoid foreclosure. it will also lead to a financial recovery for the lend that are would be as good or better than they could get at a foreclosure sale. this is a win-win. i know some well-meaning opponents believe families will rush headlong into filing for bankruptcy.