Would the gentlelady tell the Members, when you write that check to help them with their underwater home, that check goes to Bank of America. That check goes to Citibank. That check goes to just fill in the bank, fill in the mortgage company. It goes to whoever loaned the money. It doesn't go to the homeowner. Are they benefited? Yes. And tell the Members of this body who pays for that check. We do. The American people.
Bachus discusses the implications of financial assistance for homeowners and who ultimately bears the cost.
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Thank you. Mr. Chairman, I yield the balance of my time to the gentlewoman from Alabama (Ms. Sewell).
I claim the time in opposition, although I am not opposed. The CHAIR. Without objection, the gentleman from Alabama is recognized for 5 minutes. There was no objection.
I thank the gentleman from Virginia. They actually called for us to have this procedure. And that part of Dodd-Frank--I have sometimes said ``the good, the bad, and the ugly''-- that was a good part. We needed to structure bankruptcy where…
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