Political Quotes

“Through the Chair, I am happy to be a cosponsor of the Senator's amendment. The last point she made is the one I found almost nothing short of amazing: that the largest banks that are involved in the mortgage business, and the realtors who are involved, obviously, in these transactions are resisting Senator Feinstein's amendment that would provide some basic standards for the licensure of mortgage brokers. That is the point I would like to make, through the Chair, to the Senator from California. I continue to wonder why these noble professions are protecting the bottom feeders of our economy, those who are preying on people such as the Simmons. I have stories in Illinois I can tell that will match each one of the Senator from California, where there is basic exploitation of people by those who mislead people in terrible financial circumstances, people of limited experience and education who are trying to understand the complexity of mortgages and closings and interest rates and all of the matters that have to be understood well. I ask the Senator from California, Madam President, does she have the support of any financial institutions or any of these professions that should be in support of State licensing of these mortgage brokers?”