0:30:27 to 0:30:47( Edit History Discussion )

Brad Miller: i would yield to the gentleman, mr. miller, who has worked so hard on this measure, the author of the underlying bill and in the last congress, two minutes. the chair: the gentleman is recognized for two minutes. mr. miller: thank you, mr. speaker. this has been a pretty remarkable debate. we have heard that we are now going down a dangerous road and

0:30:48 to 0:31:08( Edit History Discussion )

Brad Miller: will begin the modification or altering contracts in court. mr. speaker, that is what bankruptcy does. that is the rule of law. we do enforce contracts except when people get hopelessly in debt. we allow them to draw a line. to pay what they can and then to get a fresh start in life. that's what bankruptcy does. in fact, home mortgages is the

0:31:30 to 0:31:50( Edit History Discussion )

Brad Miller: modifications. no. there are more than a million bankruptcy cases a year. we have a pretty good idea what bankruptcy judges are going to dofment they are going to do the same thing with this kind of interest they do with every other, including family farms. this is exactly like the treatment of family farms. we have heard it will helpp speculators. no, they already can be helped. investors already can modify their mortgages in bankruptcy.

0:32:13 to 0:32:34( Edit History Discussion )

Brad Miller: people. it's going to increase interest rates on the little people. mr. speaker, i have been hearing that the whole time. i have been in congress. it's never been about helping the banks get rich according to the banks. it's always been about helping the little people. no matter how crooked their business practices may seem on their face, something they need to do to

0:32:57 to 0:33:12( Edit History Discussion )

Brad Miller: else. mr. speaker, this amendment simply gives lenders one last chance to make a voluntary modification. that is undoubtedly better for a borrower to get a voluntary modification rather than having to go through