House Proceeding 04-29-09 on Apr 29th, 2009 :: 3:31:10 to 3:33:35
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3:31:09 to 3:31:29( Edit History Discussion )

Michael E. Capuano: track after nalling of a cliff as you can see under the bush administration. i would yield back to my friend from minnesota for further comments. i know my friend from massachusetts is to be guiding all of us tonight, so wherever you would like to go. mr. ellison: i appreciate that i'm going to toss it back to the gentleman from massachusetts, who i think is

3:31:10 to 3:33:35( Edit History Discussion )
Speech By: Michael E. Capuano

3:31:30 to 3:31:51( Edit History Discussion )

Michael E. Capuano: going to toss it to the gentlelady from wisconsin and i'm happy to wait my turn in the line since i'm one of the last ones here tonight. i appreciate the gentleman's comments, i think they were dead on the mark, i'm happy to the democratic record and the

3:31:52 to 3:32:13( Edit History Discussion )

Michael E. Capuano: leadership of barney frank. mr. capuano: there are a couple of things i want to say. yes, fannie and freddie have some blame in this, like we all do. but they didn't do anything that everybody else wasn't doing as well. they didn't create credit default swaps. they didn't create excessive leverage. yes, thedid invest in them heavily.

3:32:14 to 3:32:34( Edit History Discussion )

Michael E. Capuano: why did they invest in them heavily? because the rate of return was so high they couldn't walk away. because that higher rate of money out for mortgages. they didn't do anything that everybody else wasn't doing system of yes, we're talking about them tonight they're government-sponsored enties, but a lot of this was

3:32:35 to 3:32:57( Edit History Discussion )

Michael E. Capuano: created by people other than them, the private market. this is one other thing i want to say, the other thing i've heard a lot of us is the c.r.a., the community reinvestment act is to blame for all this the c.r.a. is a law passed because banks were happy to take money out of poor d lower income neighborhoods

3:32:58 to 3:33:18( Edit History Discussion )

Michael E. Capuano: in people were allowed to deposit their money but not allowed to get mortgages. simple law says if you take the money out of these communities, you have to put some of that money back in. nothing in the c.r.a. says a single loan should be given that is inappropriate. nothing in the c.r.a. says a single loan should be done in an unsafe or unprofible

3:33:19 to 3:33:40( Edit History Discussion )

Michael E. Capuano: manner. that's not what it says. as a matter of fact, it says things just quite the opposite. it simply says that if you want to do business in a certain community, you have to then do business in that community. quite simple. one little fact.