Political Quotes

Brad Miller: “So my contention is title III of this bill eliminates people's options and opportunities to refinance their way out of…”

On the recordNovember 15, 2007
So my contention is title III of this bill eliminates people's options and opportunities to refinance their way out of foreclosure and default. So I would encourage my colleagues to vote for my amendment to strike I think the most egregious title within this bill.
Said by
Brad Miller
Democratic · North Carolina

Editor's note · Context

Discussing an amendment related to subprime mortgage financing during a House debate.

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Nov 15, 2007

So a mortgage originator under this subparagraph, the one we were speaking of a moment ago, will get paid exactly the same in total compensation, including both the compensation paid by the borrower and the compensation paid by the lender…

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We want people to get into loans that they can pay off. They can pay month after month, and at some point have a ceremony, a little party, that people in another generation had of burning the mortgage because it is paid off. So for the…

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I have said before that the remedies under this bill are very modest. They are so modest, in fact, that a great many consumers who have actually been harmed, who have clearly been wronged, who have clearly entered into a mortgage that…

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I simply want to correct something I said earlier today. Earlier today I said the Mortgage Bankers Association was opposed to this bill. That is not correct. They do not support the bill. In a letter dated today, they outlined four areas…

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