Providing For Further Consideration Of H.R. 1106, Helping Families Save Their Homes Act Of 2009
Floor Speech
Providing For Further Consideration Of H.R. 1106, Helping Families Save Their Homes Act Of 2009
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Mr. AL GREEN of Texas. I thank the Member from Florida for yielding the time. I am honored to be associated with this piece of legislation.
Mr. Speaker, the words that come to mind, as we debate this issue, the words that comes to mind are, ``at last.'' At last we are now embracing help for homeowners. We have worked for Wall Street, we have worked to do something for Main Street; it is now time to do something for ``Home Street,'' the street where people live, the street where people have their greatest investment.
Let's talk for just a moment about the concerns with reference to allowing bankruptcy to become a part of this process. My dear friends, bankruptcy is already a part of the process. If you own two, three, four or five homes, you may modify those homes in bankruptcy. If you only own one home as your principal home, that home is excluded from bankruptcy. The bankruptcy process ought to embrace people who have not been as fortunate as those who have five homes to the same extent that it embraces people who have but one place to call home. It is time to bring some equity into the process.
This equity is not prospective, it is retrospective. It only applies to homes that were closed on prior to the bill being enacted. It does not go forward. So this argument that it embraces interest rates into the future is not a correct argument. It only embraces the past, not the future.
And finally, I would say to you, as this is done, the homeowner has to attempt a workout before there can be judicial modification.
The safeguards are there. The opportunity is before us. The question is, do we want to protect Home Street to the same extent that we want to protect Main Street and Wall Street? There are people who are suffering, this is the opportunity to help them.
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