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5 Housing and Economic Recovery Act of 2008, P.L. 110-289, 122 Stat. 2654 H3134 (2008)

handle is hein.tera/houser0005 and id is 1 raw text is: H3134 Hinojosa Hirono Hodes Holden Holt Honda Hooley Hulshof Inslee Israel Jackson (IL) Jackson-Lee (TX) Jefferson Johnson (GA) Johnson, E. B. Jones (OH) Jordan Kagen Kanjorski Kennedy Kildee Kilpatrick Kind King (IA) Kingston Klein (FL) Kline (MN) Kucinich Kuhl (NY) Lampson Langevin Larson (CT) Lee Levin Lewis (GA) Lipinski LoBlondo Loebsack Lofgren, Zoe Lowey Lynch Mahoney (FL) Maloney (NY) Manzullo Markey Marshall Matheson Matsui McCarthy (CA) McCarthy (NY) McCollum (MN) McCotter McDermott Bachus Bishop (NY) Brown-Waite, Ginny Campbell (CA) Cannon Conaway Cooper Cummings Davis (IL) Farr Feeney Fossella CONGRESSIONAL RECORD - HOUSE McGovern McHugh McIntyre McNerney McNulty Meek (FL) Meeks (NY) Melancon Mica Michaud Miller (MI) Mitchell Mollohan Moore (KS) Moore (WI) Moran (KS) Moran (VA) Murphy (CT) Murphy, Patrick Murphy, Tim Nadler Napolitano Oberstar Obey Olver Ortiz Pallone Pascrell Pastor Payne Perlmutter Peterson (PA) Platts Poe Pomeroy Porter Price (NC) Rahall Ramstad Reyes Rodriguez Rogers (MI) Ros-Lehtinen Roskam Ross Roybal-Allard Ruppersberger Ryan (OH) Salazar Sali Sanchez, Linda T. Sanchez, Loretta Sarbanes Schakowsky Schiff Schwartz Scott (GA) Scott (VA) Serrano Shea-Porter Sherman Shuler Sires Skelton Smith (NJ) Smith (WA) Snyder Solis Space Spratt Stark Stearns Stupak Sutton Tanner Tauscher Taylor Terry Thompson (CA) Thompson (MS) Tiahrt Tierney Towns Tsongas Turner Udall (NM) Van Hollen Velizquez Visclosky Walberg Walz (MN) Wasserman Schultz Waters Watson Watt Weiner Welch (VT) Weller Wexler Wilson (OH) Wittman (VA) Wolf Woolsey Wu Yarmuth NOT VOTING-36 Gordon Granger Hoyer Kaptur Kirk Larsen (WA) Linder McMorris Rodgers Murtha Neal (MA) Paul Peterson (MN) 0 1523 Rangel Richardson Rush Sestak Slaughter Speier Tancredo Udall (CO) Walsh (NY) Waxman Wilson (SC) Wynn So the motion to adjourn was re- jected. The result of the vote was announced as above recorded. PROVIDING FOR CONSIDERATION OF SENATE AMENDMENTS TO H.R. 3221, FORECLOSURE PRE- VENTION ACT OF 2008 Mr. WELCH of Vermont. Mr. Speak- er, by direction of the Committee on Rules, I call up House Resolution 1175 and ask for its immediate consider- ation. The Clerk read the resolution, as fol- lows: H. RES. 1175 Resolved, That upon adoption of this reso- lution it shall be in order to take from the Speaker's table the bill (H.R. 3221) moving the United States toward greater energy independence and security, developing inno- vative new technologies, reducing carbon emissions, creating green jobs, protecting consumers, increasing clean renewable en- ergy production, and modernizing our energy infrastructure, and to amend the Internal Revenue Code of 1986 to provide tax incen- tives for the production of renewable energy and energy conservation, with the Senate amendments thereto, and to consider in the House, without intervention of any point of order except those arising under clause 10 of rule XXI, a motion offered by the chairman of the Committee on Financial Services or his designee that the House concur in the Senate amendment to the text with each of the three amendments printed in the report of the Committee on Rules accompanying this resolution. The Senate amendments and the motion shall be considered as read. The motion shall be debatable for three hours, with two hours equally divided and con- trolled by the chairman and ranking minor- ity member of the Committee on Financial Services and one hour equally divided and controlled by the chairman and ranking mi- nority member of the Committee on Ways and Means. The previous question shall be considered as ordered on the motion to its adoption without intervening motion except that the Chair shall divide the question among each of the three House amendments. SEC. 2. Upon adoption of the motion speci- fied in the first section of this resolution, a motion that the House concur in the Senate amendment to the title shall be considered as adopted. SEC. 3. During consideration of the motion to concur pursuant to this resolution, not- withstanding the operation of the previous question, the Chair may postpone further consideration of the motion to such time as may be designated by the Speaker. The SPEAKER pro tempore. The gen- tleman from Vermont is recognized for 1 hour. Mr. WELCH of Vermont. Mr. Speak- er, for the purpose of debate only, I yield the customary 30 minutes to the gentleman from Texas (Mr. SESSIONS). All time yielded during consideration of the rule is for debate only. Mr. Speaker, I yield myself such time as I may consume, and I also ask unan- imous consent that all Members be given 5 legislative days in which to re- vise and extend their remarks on House Resolution 1175. The SPEAKER pro tempore. Is there objection to the request of the gen- tleman from Vermont? There was no objection. Mr. WELCH of Vermont. Mr. Speak- er, House Resolution 1175 provides for consideration of the Senate amend- ments to H.R. 3221, the American Hous- ing Rescue and Foreclosure Prevention Act of 2008. The rule makes in order a motion by the chairman of the Committee on Fi- nancial Services, Mr. FRANK, to concur in the Senate amendments with three House amendments. The rule provides 3 hours of debate on the motion, with 2 hours controlled by the Committee on Financial Services and 1 hour con- trolled by the Committee on Ways and Means. The rule also provides for a di- vision of the question on the adoption of the three House amendments listed in the Rules Committee report. Mr. Speaker, I think we all know why this rule and the underlying bill May 7, 2008 are so important. Millions of Ameri- cans are confronting the growing pros- pect of losing their home. Hundreds of thousands, if not millions, have al- ready lost their home in a foreclosure epidemic that is the legacy of the subprime mortgage crisis. According to recent reports, the most severe real estate recession in decades is going to continue to weigh down the economy, the pace of foreclosures is going to continue to rise, and homes continue to lose their value at increas- ing rates. This foreclosure epidemic has spread to virtually every major city in the United States. What the Committee on Financial Services has done here is brought us a bill that addresses this problem di- rectly. It's not a bill that intends to lay blame. There is plenty of that to go around. It's a bill that's intended to solve a problem. Here are some of the sobering facts about the problem: The number of homes entering fore- closure in the first 3 months this year was double the same period as last year. One in every 194 homes received a foreclosure filing in the first quarter of this year. And home prices are down, on aver- age, 12.7 percent, which is basically the first time that's happened since the Great Depression in the early 1930s. As the foreclosure trends intensify, the problem can only get worse. As foreclosure signs go up in neighbor- hoods, the value of the property in that neighborhood declines, even if the cred- itworthiness and the ability to pay of the homeowner is as strong as ever. 0 1530 Mr. Speaker, this legislation is about, as I mentioned, solving a prob- lem. It creates opportunity for the lenders and the mortgage servicers to minimize their loss; it provides an op- portunity for homeowners to stay in their homes, but it shares the pain as well as the opportunity. In order for lenders to take advantage of the oppor- tunity presented in this bill, they are going to have to write down the value of the loan consistent with the current appraisal value. In order for home- owners to have an opportunity to par- ticipate in this program, they are going to have to give up the equity that they thought they had, including any moneys they had paid in downpayments. House Resolution 1175 provides for the consideration of three House amendments to the Senate amendment to H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008. Amendment No. 1 includes H.R. 5830 regarding the FHA refinancing, H.R. 1852 regarding FHA modernization, H.R. 1427 regarding government-spon- sored entity reform, those being Fannie Mae and Freddie Mac, and H.R. 1066 regarding community development investments, among other bills. Each

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