House Proceeding 05-07-09 on May 7th, 2009 :: 0:23:15 to 0:25:20
Total video length: 2 hours 19 minutes Stream Tools: Stream Overview | Edit Time

Note: MetaVid video transcripts may contain inaccuracies, help us build a more perfect archive

Views:77 Duration: 0:02:05 Discussion

Previous speech:

Next speech:

0:23:13 to 0:23:33( Edit History Discussion )

James R. Langevin: this is that we need a clear -- i think a clearer preemption wording in this bill to make sure that we understand what the states' jurisdiction is over this bill and the federal jurisdiction is over this bill. with that i reserve the balance of my time. the chair: the gentleman from

0:23:15 to 0:25:20( Edit History Discussion )
Speech By: James R. Langevin

0:23:34 to 0:23:56( Edit History Discussion )

James R. Langevin: massachusetts. mr. frank: first, i would say t want to offer some protection to states that don't have the option of succeeding. states that succeed we will protect them. i now yield 1 1/2 minutes to the gentleman from rhode island, mr. langevin. the chair: the gentleman from rhode island is recognized for

0:23:57 to 0:24:17( Edit History Discussion )

James R. Langevin: 1 1/2 minutes. mr. langevin: i rise in strong support of h.r. 1728, the mortgage reform and anti-predatory lending act and the manager's amendment that's before us today which i know will bring greater transparency to lending practices nationwide. mortgages have left countless americans facing foreclosure, and this is especially true in

0:24:18 to 0:24:39( Edit History Discussion )

James R. Langevin: my home state o with one of the highest foreclosure rates in the country. with this bill we will combat unscrupulous lending practice and bring transparency to the process by requiring mortgage originators to be licensed and mandating full disclosure of loan terms. perhapmost importantly mortgage originators must certify that consumers have a reasonable ability to pay back

0:24:40 to 0:25:00( Edit History Discussion )

James R. Langevin: the loans that they -- they are applying for and they are not predatory in nature. we have seen too many lenders steer consumers into loans that they cannot afford. we cannot allow that practice to continue or have it happen again. i'm also pleased this measure includes protections of renters on foreclosed property.

0:25:01 to 0:25:20( Edit History Discussion )

James R. Langevin: h.r.728 will persistent problems in the housing market, bring financial stability to f ensure that the appropriate measures are in place to prevent this kind of mortgage foreclosure cris from ever happening again in the future. i want to thank and commend the gentleman from massachusetts, chairman frank, for his outstanding leadership on this