Dianne Feinstein said "I am a cosponsor of the Durbin amendment and am very happy to support it. ... What that has done is enabled bad actors to flourish. I wish to give you two examples of what a bad actor as a subprime mortgage broker means. I met this family in the picture in Los Angeles this past week. This is the Simmons family. Mr. Simmons worked for Northrop Grumman for 20 years, and Mrs. Simmons has been a checker at Alpha Beta for 26 years. They are retired. They have owned this home in Los Angeles for 39 years. Mr. Simmons had a stroke. When he had this stroke, they obviously had additional medical expenses. Last year, they were in the market for a better rate than the 8 percent they were paying on the loan on their house which remained and was $550,000." @ PoliticalQuotes.com

On the recordApril 3, 2008

I am a cosponsor of the Durbin amendment and am very happy to support it. ... What that has done is enabled bad actors to flourish. I wish to give you two examples of what a bad actor as a subprime mortgage broker means. I met this family in the picture in Los Angeles this past week. This is the Simmons family. Mr. Simmons worked for Northrop Grumman for 20 years, and Mrs. Simmons has been a checker at Alpha Beta for 26 years. They are retired. They have owned this home in Los Angeles for 39 years. Mr. Simmons had a stroke. When he had this stroke, they obviously had additional medical expenses. Last year, they were in the market for a better rate than the 8 percent they were paying on the loan on their house which remained and was $550,000.

Said by

Dianne Feinstein

Democratic · California

Source

govinfo.gov

Editor's note · Context

Discussing the need for national standards in mortgage broker licensing during Senate floor debate.

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