Brad Miller: “I want to add my assurance to that of Mr. Frank, as if anyone would need that, but I think that this clarification…”

“I want to add my assurance to that of Mr. Frank, as if anyone would need that, but I think that this clarification really does not change the intent of the statute. On its face, going from foreclosure to foreclosure process is redundant. Foreclosure is a process. It is a legal procedure. It is a legal procedure by which real property given as security for the payment of a debt is seized and sold to pay the debt. It is a legal procedure. It is all process. So saying 'foreclosure process' appears, on its face, to be redundant. However, the concern has been that States would add to the same section of their State ordinances, their State statutes, other provisions that have nothing to do with foreclosure procedures, that have to do something to make other provisions; and yet there would be the argument that all of those now are exempt, immune from any argument of preemption. That is certainly not what we intend, and I lend my assurance to that of Mr. Frank that I will work to make sure that the language that Mr. LaTourette just presented be the language in the final bill.”