House Proceeding 05-07-09 on May 7th, 2009 :: 1:57:50 to 1:58:20
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1:56:10 to 1:59:30( Edit History Discussion )
Speech By: Randy Neugebauer

1:57:32 to 1:57:52( Edit History Discussion )

Randy Neugebauer: going to want to do, they are not going to discuss very many options. and they are going to be asked to make assumptions of what are the benefits of a particular product over the other product. one of the things that we -- this bill does, it direction to begin to simplify that disclosure process, and now we are kind of truncating that

1:57:53 to 1:58:14( Edit History Discussion )

Randy Neugebauer: with this new disclosure. now we are going to add another piece of paper. i would submit to you at a lot of people took on mortgages that they didn't understand the terms and conditions of. i don't know that there was any predatory lending necessarily going on. in some case there is may have been. but in many cases disclosures are very hard to

1:58:15 to 1:58:35( Edit History Discussion )

Randy Neugebauer: read. they are multipages. and the terms and conditions, unless you read many, many you didn't understand, the things i believe is the bt way to do that is to -- on a one-page form you have all of the important conditions of this loan so that the person that's taking out that mortgage, understands what they are getting.