Byron Dorgan: “I have come today to talk a bit about the economy and where we find ourselves. This week we are going to talk about…”

“I have come today to talk a bit about the economy and where we find ourselves. This week we are going to talk about housing. The effort we have made in the Senate in the majority party to pass emergency housing legislation is very important. I want to put up some charts that show what was happening in this country with respect to housing and what was happening at least to begin to cause the partial collapse we have seen. This is an advertisement by a company called Millennia Mortgage. Here is what it said to the American people. I don't know this company, but they said: Twelve months, no mortgage payment. That's right. We will give you the money to make your first 12 payments if you call in the next 7 days. We pay it for you. . . . Our loan program may reduce your current monthly payment by as much as 50 percent and allow you no payments for the first 12 months. Call us today. Millennia Mortgage. Come over here and get a mortgage from us. You don't have to make a payment for 12 months, they said. Here is a company appropriately named. I don't know this company either--Zoom Credit. They told the American people: Credit approval is just seconds away. Get on the fast track at Zoom Credit. At the speed of light, Zoom Credit will preapprove you for a car loan, a home loan, or a credit card. Even if your credit's in the tank. Zoom Credit is like money in the bank.”