And So Now Worse, Because Before We Really Check And See Whether The Oversight Was Being Done Appropriately,

Floor Speech

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Mr. AL GREEN of Texas. I thank the chairpersons for the stellar job that they have done. I especially thank you, Mr. Frank, for the fine work that you have done in leading us.

Mr. Chairman, this is not just a good deal, it really is a great piece of legislation. Because after the exotic products that were placed in the marketplace--3/27s, 3 years of fixed rates, 27 years of variable rates, 2/28s, prepayment penalties that coincided with teaser rates--after these exotic products, this bill is necessary. This bill addresses these exotic products. It makes sure that lenders are making loans to people who can afford the loans, they can afford to pay the loans back. A relationship between borrower and lender was fractured.

This bill seeks to restore that relationship, but it does something else that is exceedingly important, and it was mentioned very briefly. It addresses the concerns of people who are paying their rent. Their rent is paid and they find themselves being evicted because the property they are living in is being foreclosed on.

The foreclosure was no fault of the tenant, yet the tenant now has to move away from the school that the child attends. They have to move from the job where they work, the community that they reside in, simply because the owner was foreclosed on, and the tenant did not have anything to do with the foreclosure.

This bill addresses it. It gives either a fair amount of notice or it allows the tenant to continue with the lease that has been in place. This is a good piece of legislation.

I am going to ask that all of my colleagues please support it. Mr. Watt, I thank you for the fine job you have done. Chairwoman Waters, I thank you for the fine job that you have done. I beg that that legislation pass.

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