Barney Frank: “Here's the deal: 1975 is when it happened in Pennsylvania, not in America, if he had been listening carefully. Secondly…”

“Here's the deal: 1975 is when it happened in Pennsylvania, not in America, if he had been listening carefully. Secondly, in 1995 we didn't have this foreclosure crisis. Third, as to was this just a new program, in fact, this program for the 32 States where it will operate is based on the program which operated in 18 other States, so we have had experience with it. By the way, the gentleman from Alabama's Governor praised this program in his State where it operated. The Governor of New Jersey, Mr. Christie, praised this program. So this is a new program for these 32 States, but it is modeled on a program that has worked successfully in these other 18 States. In 1975, it was Pennsylvania, not the United States.”