Wall Street Reform And Consumer Protection Act Of 2009

Floor Speech

Wall Street Reform And Consumer Protection Act Of 2009

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Mr. MARSHALL. Madam Chair, this is an amendment which is identical to a bill passed by the House earlier this year, in March. The bill permits what is referred to as ``cramdown'' in chapter 13 with regard to private home mortgages. It is intended to address this foreclosure crisis without taxpayers having to put money into the deal. It essentially forces the parties to deal with their problems without having vacancies and foreclosures in our neighborhoods.

In that sense, it helps all lenders with real estate portfolios. It helps the individuals whose homes might be foreclosed upon. It actually helps the creditors, who are forced into the chapter 13 process because, in almost every instance, their portfolios are improved by not having as many houses in foreclosure, and in almost every instance, they get better deals in the chapter 13 process than they would in the normal foreclosure process.

We should have done this long ago. It would have helped the housing crisis and, consequently, the economy of the country.

I compliment Mr. Miller from North Carolina. This was originally his bill. He has been pushing this for several years. I also compliment Ms. Zoe Lofgren from California, who couldn't be here today because of family matters, because she has been a real stalwart in moving this forward.

I reserve the balance of my time.

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