Senate Proceeding on Apr 3rd, 2008 :: 1:46:26 to 1:52:48
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1:34:12 to 1:46:26( Edit History Discussion )
Speech By: John Kerry

1:46:13 to 1:46:26( Edit History Discussion )

John Kerry: ith smj i thank senator kerry and kerr mycolleague from massachusetts for his kind words. as we come to the floor to bowrkt a bill that will make a difference on the central plank of the problem on the

1:46:26 to 1:46:44( Edit History Discussion )

Gordon Smith: current economic slowdown, it is a time frankly to note that we're finally working in a way that will make a difference and make progress for the american people people. tuesday evening i went home and

1:46:26 to 1:52:48( Edit History Discussion )
Speech By: Gordon Smith

1:46:44 to 1:47:01( Edit History Discussion )

Gordon Smith: i tivo 'd the news and i saw senator reid and senator mcconnell standed in front of the camera. behind them were senator dodd and senator shelby. i also want to note the work of senators grassley

1:47:01 to 1:47:14( Edit History Discussion )

Gordon Smith: and baucusau who have worked with senator kerry. i also heard a collective sigh relief from the american people that finally the senate was proceeding in a way thatt they expect, and i for one

1:47:14 to 1:47:27( Edit History Discussion )

Gordon Smith: was breathe ago sigh of relief that there was this agreement and that we are here productively engage ed in finding a solutio. i do want to also thank senator kerry. he and i have been at this

1:47:27 to 1:47:40( Edit History Discussion )

Gordon Smith: amendment now for months. i have had the privilege of working with him on many issues over a long period of time, currently on the finance committee, and this amendment we actually got approved in

1:47:40 to 1:47:52( Edit History Discussion )

Gordon Smith: the finance committee in the last stimulus package. i wish it had survived that process because ites would already be making a difference. but with the help of our leaders on the finance committee and the

1:47:52 to 1:48:05( Edit History Discussion )

Gordon Smith: approval of the banking committee, it has now been included in the underlying bill, and i thank all of them for this this. but as i noted back in january, we offered this legislation as an amendment.

1:48:05 to 1:48:18( Edit History Discussion )

Gordon Smith: the committee approved our amendment with an overwhelming 2 20-1 bipartisan vote. again we weren't able to keep it in the package, but it is in the package today. mr. president, across the country

1:48:18 to 1:48:32( Edit History Discussion )

Gordon Smith: rise ing interest rates and slumping home values are unfortunately create ing the perfect financial storm for many american families. the legislation that senator kerry and i offered is aimed at stemming

1:48:32 to 1:48:47( Edit History Discussion )

Gordon Smith: this tide and providing homeowners an option to avoid forecl osure and to stay in their homes. under current law star te and local governments are permitted to issue tax-exempt bonds called qualified

1:48:47 to 1:49:00( Edit History Discussion )

Gordon Smith: mtgage bonds to finance new mortgage loans to first-time homebuyers. what our legislation does is temporar ily expand the use of this program to include financing of existing subprime loans. it 00

1:49:00 to 1:49:14( Edit History Discussion )

Gordon Smith: would also provide a $10 billion increase in tax-exempt bond authority, which would be use ed to provide these re refinancing loans, issue new mortgages for first-time homebuyers, and finally invest in

1:49:14 to 1:49:29( Edit History Discussion )

Gordon Smith: multifamily rental housing. our proposal would also exempt mortgage revenue bonds from the alternative minimum tax to make them more attractive to investor investor s, to cut homebuyer mortgage costs

1:49:29 to 1:49:50( Edit History Discussion )

Gordon Smith: further. for example, in oregon the increased bond cap will translate to roughly $122 million in new bond authority to address the state's housing need needs. our neighbors in washington state will receive

1:49:50 to 1:50:07( Edit History Discussion )

Gordon Smith: roughly $210 million in new bonding authority, enough to produce more than 1,300 loans. in arizonain there is a delinquency rate that has jumped from 2.9% in the fourth quarter of 2005 to 5.45%

1:50:07 to 1:50:24( Edit History Discussion )

Gordon Smith: in the fourth quarter of last year. an estimate ed 1,400 new mortgage loans will be generated by this bill. in michigan, which had a delinquency rate of 8.9% at the a end of theen fourth quarter of last year,

1:50:24 to 1:50:38( Edit History Discussion )

Gordon Smith: will have its bond cap increased by more than $332 million, enough to general generate moree than 3,300 new home loans for re refinancing. another example, in arkansas, with a delinquency rate of 6.6% as

1:50:38 to 1:50:58( Edit History Discussion )

Gordon Smith: of last december, will receive more than $92 million in increased bonding authority, which would lead to more than 1, 1,100 new loans. nationwide, it is estimate ed that our proposal would lead to rough

1:50:58 to 1:51:11( Edit History Discussion )

Gordon Smith: roughly 80,000 new loans. now, to anyone who questions whether addressing the hinousing crisis is economic stimulus, i would say that each one of these is projected to produce 7 $755,000 in additional wages

1:51:11 to 1:51:24( Edit History Discussion )

Gordon Smith: and salaries salaries, new state and local revenues and an average of $3,7 $3,700 in new spending on appliances, furn iraqings and property alterations. so, mr. president, our proposal is not going

1:51:24 to 1:51:36( Edit History Discussion )

Gordon Smith: to solve all the that ails the housing economy but it is an important and good startta and it will provide real leave to working families at risk of losing their homes. this relief is targeted relief,

1:51:36 to 1:51:52( Edit History Discussion )

Gordon Smith: not a bailout to investors who were looking to cash in on the housing boom. the new housing bond authority will be subject to the program's income and purchase-price requirements. in 2006 mortgage revenue

1:51:52 to 1:52:06( Edit History Discussion )

Gordon Smith: bond borrowers had an average income of $45,000 and bought first-time homes with an average purchase price of $137,000.,0 i just want to say again how pleased i am the senate is final finally moving

1:52:06 to 1:52:17( Edit History Discussion )

Gordon Smith: to debate on this housing package. if we are serious about stimulate ing the economy, i think hi we need to take a look at its root causes, the root causes of this slowdown. first among those is housing.

1:52:17 to 1:52:30( Edit History Discussion )

Gordon Smith: there are a number of important items in the bill we are debate e debating. i was disappointed, however, that the a.m.t. exemption for the low-income housing tax credit was not included in the base

1:52:30 to 1:52:40( Edit History Discussion )

Gordon Smith: bill. this is something that senator cantwell and i have been advocating and will continue to work this week to see if we can tad to the bill. i hope that we can work quickly, though, as americans, as

1:52:40 to 1:52:48( Edit History Discussion )

Gordon Smith: republicans and dells, to get this bill to the president -- as republicans and democrats, to get this bill to the president as a bill that he can sign so we can find through common sense and common ground

1:52:48 to 1:53:21( Edit History Discussion )

Mitch McConnell: and achieve some common good for the f american people. i yield the floor. the presiding officer: the republican leader. mr. mcconnell: i ask unanimous consent to proceed as if in s morning business.

1:52:48 to 2:02:04( Edit History Discussion )
Speech By: Mitch McConnell