Senate Proceeding on May 4th, 2009 :: 2:29:10 to 2:34:45
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2:28:58 to 2:29:19( Edit History Discussion )

Christopher S. Bond: quorum call: mr. bond: the presiding officer: the accept from mr. bond: i ask unan consent to call off the quorum call. the presiding officer: without objection, so ordered. mr. bond: madam president, i rise today to offer some remarks on the helping families save their home act of 2009. the housing foreclosure crisis continues to affect families and

2:29:10 to 2:34:45( Edit History Discussion )
Speech By: Christopher S. Bond

2:29:20 to 2:29:41( Edit History Discussion )

Christopher S. Bond: communities throughout the nation. i appreciate the good efforts of senators dodd and banking committee for trying to tackle this crisis. until we address these issues head on and remove the toxic assets that have poi only our financial system but the world's financial system economic recovery will be

2:29:42 to 2:30:06( Edit History Discussion )

Christopher S. Bond: difficult to achieve. president obama himself said when he addressed us in january that all the other things happening are not going to get us out of the crisis we're in until we get the toxic assets out of the system. fact that included in this bill

2:30:08 to 2:30:29( Edit History Discussion )

Christopher S. Bond: is the dodd-crapo-bond bill which will strengthen the power of the federal deposit insurance corporation to go after institutions which are on the vench of failing. to me, that is the direction that this administration and the previous administration should have been following but have not.

2:30:30 to 2:30:51( Edit History Discussion )

Christopher S. Bond: but there's some troubling aspects of the government's action in the f.h.a. area, and i'm concerned about the implications of some of the provisions of the bill before us. my biggest concern is the health and solvency the department of housing and urban development's federal housing administration, or f.h.a.

2:30:52 to 2:31:13( Edit History Discussion )

Christopher S. Bond: i appreciate the work the managers have done to deal with the fraud issues, and i also support senator vitter's efforts to raise this issue through the amendments that he has offered. i think this amendment goes in the right direction. we might want to work on some of the language, but it gets at the problem.

2:31:14 to 2:31:34( Edit History Discussion )

Christopher S. Bond: the bottom line is this: the f.h.a. is a powder keg that could elode leaving taxpayers on the hook if congress and the administration continue to overburden the government agency. as i stated in a recent transportation housing and urban development

2:31:35 to 2:31:56( Edit History Discussion )

Christopher S. Bond: division, the agency is at highrriving. the signs are troubling in many areas. f.h.a. defaults are at their highes level in several years. f.h.a.'s economic value has fallen by almost 40% over the past year. f.h.a. approva has increased by 525% over the past two years, and there is

2:31:57 to 2:32:19( Edit History Discussion )

Christopher S. Bond: evidence subprime lenders and brokers have infiltrated f.h.a. to conduct business. that, in itself, ought to be an alarm bell that goes off. fraudulent activity in the mortgage industry has risk of exposing f.h.a. to more risk.

2:32:20 to 2:32:41( Edit History Discussion )

Christopher S. Bond: and f.h.a. has seen a significant increase in foreclosures which endanger the stability of communities and neighboring homes. the rise in f.h.a. defaults and foreclosures, especially in areas already victim used by subprime lending, threaten to make a bad problem worse. these troubling signs all point to a powder keg that's waiting to explode.

2:32:42 to 2:33:02( Edit History Discussion )

Christopher S. Bond: what doe this mean? f.h.a. is required to carry a 2% reserve over 50:1 leverage rate. if it falls below that statutory level, f.h.a. must raise premiums it charges to borrowers or congress must appropriate funds. that means taxpayers footing

2:33:03 to 2:33:23( Edit History Discussion )

Christopher S. Bond: more. bill -- footing more of the bill. for my colleagues and the administration, americans don't want another bailout. the taxpayers' credit card is matched out. luckily, h.u.d. is currently being led by leader, h.u.d. secretary sean shaun donovan.

2:33:24 to 2:33:44( Edit History Discussion )

Christopher S. Bond: hover, he alone cannot fix the long-standing problems with h.u.d. and f.h.a. the congress and the administration must not make secretary donovan's job harder by placing more risk on f.h.a. until the problems of the agency are fixe crash. i have read in

2:33:45 to 2:34:05( Edit History Discussion )

Christopher S. Bond: street journal" an editorial which i will ask to be submitted for the record that said "in a rational world congress and the white house would tighten f.h.a. underwriting standards in particular by eliminating the 100% guarantee. that guarantee means banks and mortgage lenders have no skin in the game.

2:34:06 to 2:34:27( Edit History Discussion )

Christopher S. Bond: lenders collect a 2% to 3% origination fee on as as they can, push out the door regardless of whether the borrower has a repaying the mortgage." and i ask unanimous consent that this article be included in the record after my the presiding officer: without objection. mr. bond: but let me reemphasize again, bec

2:34:28 to 2:34:46( Edit History Discussion )

Christopher S. Bond: is important, if we continue to overburden f.h.a., this powder keg may explode. i thank vitter, for highlighting the need to make protecting f.h.a. solvency a priority so that taxpayers are not left on the hook. and i ask my colleagues to