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Providing For Further Consideration Of H.R. 1728, Mortgage Reform And Anti-Predatory Lending Act

Floor Speech

Location: Washington, DC


Mr. WATT. Madam Speaker, I thank the gentleman for yielding time.

I just want to take the opportunity to thank some people. This actually has been the most challenging piece of legislation I have been involved in since I have been in Congress because we have been walking a very delicate balance between the various considerations that we have heard on the floor, making sure that consumers, borrowers, are protected from terrible loans without, at the same time, on the other hand, drying up the availability of capital to fund loans. And it has been inordinately difficult. And a number of people have been working aggressively to try to find that appropriate balance.

The Chair of the Financial Services Committee has been absolutely wonderful to work with. But there are players in all segments of this industry who recognize that change needs to be made so that we don't get back into the situation that we ended up in and we are in right now. They have been working constructively. I have heard some reference to the fact that there are a number of people who oppose this bill. I really haven't seen any letters that say, ``I oppose the bill,'' because we have been in constructive dialogue with all of the players involved in this process trying to find the right balance.

There are some people who are saying, ``look, I have some concerns about this provision. I want to continue to work with you as this process moves forward.'' And this is not the end of the process. We have assured everybody that we will continue to work to find the right balance in this bill. This is not the end of the game.


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