Chris Dodd: “This article makes the case that GMAC, the commercial mortgage corporation, one of the largest lenders, is notifying…”

“This article makes the case that GMAC, the commercial mortgage corporation, one of the largest lenders, is notifying borrowers that they must have terrorism insurance or risk defaulting on their loans; again, making the point we made over and over that this issue of terrorism insurance is real. I have talked about the problems occurring in the commercial mortgage-backed securities. We have had comments from the President, Governors from across the country, and others who are involved in this issue. There is a list in the newspaper this morning of organizations as wide ranging as real estate and chambers of commerce to labor groups calling on this body to vote this bill out and get to conference so we can resolve the differences with the other body. There is a list this morning: Vote for S. 2600, Terrorism Risk Insurance Act of 2000. I will not bother at this point to read the names, but there is a long list of groups and organizations that represent thousands and thousands of workers who, if we do not deal with this bill, run the risk of losing their jobs.”