Alcee Hastings

Mr. HASTINGS of Florida

Mr. HASTINGS of Florida. I continue to reserve.

Mr. HASTINGS of Florida. I continue to reserve, Mr. Speaker.

Mr. HASTINGS of Florida. I continue to reserve.

Mr. HASTINGS of Florida. Then I would reserve the balance of my time.

Mr. HASTINGS of Florida. Mr. Speaker, I am very pleased at this time to yield 2 minutes to the gentlewoman from California, a member of the Committee on the Judiciary, Ms. Zoe Lofgren.

Mr. HASTINGS of Florida. Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, H. Res. 205 provides for further consideration of H.R. 1106, the Helping Families Save Their Homes Act of 2009. As I've previously stated, the Helping Families Save Their Homes Act takes a crucial step toward reviving our housing market, stemming the tide of home foreclosures, and putting our Nation's economy back on track. This bill provides for a safe harbor from liability to mortgage servicers who engage in loan modifications to remove any impediments that may prevent them from partaking in voluntary modifications. It also makes much-needed changes to the HOPE for Homeowners Program in order to encourage more lenders to participate and ensure that the program meets its intended objective. The bill further makes permanent the temporary increase in deposit insurance coverage for both the FDIC Deposit Insurance Fund and the National Credit Union Administration Share Insurance Fund, in order to both enhance the liquidity and stability of our banking institutions, and help restore confidence in our financial system. The underlying legislation, Mr. Speaker, also makes several long overdue changes to our bankruptcy code. Now, some have understandably questioned these provisions which would allow bankruptcy judges the ability to modify loans on a homeowner's principal residence if the homeowner meets specified stringent criteria. It has been argued that allowing judicial modifications will lead to a sudden slew of bankruptcy filings, will cause massive losses to financial institutions, and will increase the cost of borrowing for other homeowners. However, this will simply not be the case. Bankruptcy will remain, as it always has been, a last resort. And modifications will be at the individual discretion of a bankruptcy judge who will determine if a borrower has acted responsibly and if a claim has any merit. Most importantly, allowing judicial modifications will maximize, not lessen, the value of troubled mortgages for lenders, and will avoid the continuous decline in property values in neighborhoods with foreclosed properties. Additionally, this rule provides for a revised manager's amendment that will make the bankruptcy provision and this legislation even more effective and efficient. The revised manager's amendment will allow a court to consider lowering the interest rate to reduce a homeowner's mortgage payments in lieu of reducing the mortgage principal. It also gives mortgage holders a greater proportion of a home's appreciation should the home be sold during the bankruptcy plan, and it makes changes to the good faith requirement, further ensuring that judicial modifications are only used when borrowers have exhausted all other options. The bankruptcy provisions in this legislation with the changes proposed in the revised manager's amendment will help thousands of American families stay in their homes. We must remember that bankruptcy is no walk in the park. It is a strict, demanding, and intrusive process in which every aspect of one's financial life is scrutinized and controlled, and that says nothing of the negative stigma and of the long-lasting effects of filing for bankruptcy. In addition, to be eligible for such loan modifications, families must show that they will be able to repay their debts and that they have tried to obtain a loan modification outside of bankruptcy, but let's not kid ourselves. Under current law, similar loan modifications are available for every other type of secured loan except for loans securing primary residences. If a millionaire or a billionaire can modify a loan on a private jet and if a housing speculator can modify loans on countless failed investment properties, why can't we allow struggling families to modify their mortgages so that they're not put out on the streets? It's easy to stand up here and claim that this bill is simply a bailout for reckless homeowners; but as our Nation creeps deeper into this financial crisis, it is painfully clear that our housing market is having a rippling effect on the economy. Families who have acted responsibly and who have paid every single payment on time are finding themselves, in one way or another, swept up by the foreclosure crisis, oftentimes through no fault of their own. As foreclosures rise, surrounding home prices fall, funding for vital public services goes down, financial institutions are saddled with losses, access to credit shrinks, and our economy grinds to a halt. This legislation will put a stop to this deadly spiral. It will rebuild this economy from the bottom up, for our Nation simply cannot recover if we here in Congress turn our backs on the millions of Americans struggling to care for their families and to stay in their homes. Mr. Speaker, this bill may not help every family. It will, however, help responsible individuals stay in their homes, and it will mitigate the destructive impact of this housing crisis by clearing legal impediments to loan modifications, by improving the HOPE for Homeowners Program, by ensuring confidence in our banking system, and by finally making commonsense reforms to our bankruptcy laws. I reserve the balance of my time, Mr. Speaker.

Mr. HASTINGS of Florida. I ask unanimous consent that all Members have 5 legislative days within which to revise and extend their remarks and to insert extraneous materials into the Record.

Mr. HASTINGS of Florida. Mr. Speaker, by direction of the Committee on Rules, I call up House Resolution 205 and ask for its immediate consideration.

Mr. HASTINGS of Florida. Mr. Speaker, I would inquire of the gentlelady from North Carolina if she has any remaining speakers?

Mr. HASTINGS of Florida. Mr. Speaker, I am very pleased to yield 1 minute to the distinguished chairperson of the Committee on the Judiciary, my good friend, Mr. Conyers.

Mr. HASTINGS of Florida. For the purpose of debate only, Mr. Speaker, I yield the customary 30 minutes to the gentlelady, my friend from North Carolina, Dr. Foxx. All time yielded during consideration of the rule is for debate only. General Leave

Mr. HASTINGS of Florida. Mr. Speaker, I am very pleased to yield 2 minutes to my good friend from Missouri, a member of the Financial Services Committee, Representative Cleaver.

Mr. HASTINGS of Florida. I yield the gentleman an additional 30 seconds.

Mr. HASTINGS of Florida. Mr. Speaker, I yield an additional minute to the gentlewoman.

Mr. HASTINGS of Florida. At this time, I will not. I will yield 2 minutes to the gentlewoman from Texas (Ms. Jackson- Lee). (Ms. JACKSON-LEE of Texas asked and was given permission to revise and extend her remarks.)

Mr. HASTINGS of Florida. Mr. Speaker, I would say to my friend when he asked the question, why would anybody offer money for people if they knew that a bankruptcy judge was going to modify it--but what about those private jets? They tend to loan money for them. And I know a whole lot of rich people that went into bankruptcy for the express purpose of avoiding paying bills. So I don't buy into that argument. We're about trying to help people here. Mr. Speaker, I yield 2 minutes to the distinguished lady from Texas.

Mr. HASTINGS of Florida. Mr. Speaker, I yield the gentlelady an additional 1 minute.

Mr. HASTINGS of Florida. Mr. Speaker, I am very pleased to yield 2 minutes to my good friend, the gentleman from Texas (Mr. Al Green).

Mr. HASTINGS of Florida. Mr. Speaker, I would advise the Chair and the gentlelady from North Carolina that I may have an additional speaker, but he or she has not arrived yet, and toward that end, I would reserve my time.

Mr. HASTINGS of Florida. I yield the gentlewoman an additional 2 minutes.

Mr. HASTINGS of Florida

Mr. HASTINGS of Florida. Madam Speaker, I rise today to honor the life and achievements of my dear friend and a widely-respected leader, the Honorable Elijah Pat Larkins, who died February 14, 2009 after losing a 16-month battle with brain cancer. My thoughts and prayers are with his family at this most difficult time. I hope that Pat's family takes comfort in knowing that, in his over 66 years on this earth, he had a profound impact on those around him, making significant contributions to the lives of so many Floridians. Pat had an affinity with South Florida that was developed over a lifetime. He was born in Pompano Beach in 1942, and graduated from Blanche Ely High School in 1960. In 1962 he left Tennessee State University without graduating to pursue a career as a housing director for the local community action agency. In 1969, he was one of only two Florida recipients of a Ford Foundation fellowship to attend the National Housing Institute in Washington, DC. He worked in Illinois for a brief period immediately following his certification by the Department of Housing and Urban Development (HUD) as a housing development specialist. Returning to Florida, Pat created the Broward County Minority Builders Coalition and was a director of his own not- for-profit business, Malar Construction Inc. in Ft. Lauderdale. Madam Speaker, Pat had a long career in public service, and it is through this aspect of his life that he has had the greatest impact on the lives of so many in South Florida. He was the first chairperson of the City of Pompano Beach Community Development Committee. In 1982, he was the second African-American elected to the Pompano Beach City Commission. He was just the eighth African-American local elected official in Broward County and served 19 consecutive years as city commissioner. In that time, he served a record seven terms as mayor, the first African American to hold this post, and three terms as vice- mayor. He also served an unprecedented 14 consecutive years on the Broward County Planning Council and was the first African-American chair of that body. After an unsuccessful run for Broward County Commission in 2001, Pat Larkins was reelected to the Pompano Beach City Commission in 2003 where he served as vice-mayor. I am sure that my colleagues would agree that this is a remarkable list of achievements. Importantly, however, Pat was known not only for the offices that he held but the means by which he discharged his duties in those offices. Pat was a man of uncompromising integrity. He possessed an incredible generosity of spirit, and was a mentor to those around him. Pat has been referred to as the dean of Broward black elected officials because of his remarkable leadership and role as one of the founders of that group. He knew his constituents astoundingly well, and would often complain in jest that he was going broke buying flowers for funerals. Pat was also recognized throughout the State as a leader and spokesperson for minority involvement in government and business. During his time as mayor of Pompano Beach, the city hired the first black fire chief and first black city clerk in Broward County. Pat initiated the city ordinance to promote minority small business concerns, and along with two others, helped to create the first minority business enterprise program for Broward County government. His concern for equality had developed from an early age; as a student at Blanche Ely, where he was voted to lead his class from 5th through 12th grades, he led a student boycott of classes when an annual gathering of the county's three black high schools was canceled. In addition to his many professional achievements, Pat Larkins took an active role in countless public service, social, and religious organizations. He was a life member of the National Association for the Advancement of Colored People (NAACP), served on the Broward County Boys and Girls Club corporate board, the Juvenile Justice Intensive Halfway House, and the Florida black caucus local elected officials, and was a longtime member of Hopewell Baptist Church. He was a founding member of the Urban League board, as well as a leader in the Superintendents' Commission on Public Education, National Black Mayors' Conference, and U.S. Conference of Mayors. Madam Speaker, through all of these roles, Pat had an indelible impact on the well-being of his community. He made profound contributions in the area of housing, working tirelessly to ensure safe and adequate housing was available to all. Under his leadership, Pompano Beach recently demolished a 140-home development that had been rundown and falling apart and relocated the owners to a modern development of affordable homes on an even swap arrangement at a considerable cost savings to the city. Over the past 5 years, he led the city in providing financial and other assistance that has resulted in the erection of more than 800 affordable multifamily units. Madam Speaker, although Pat's life has come to an end, his legacy will live on for generations to come. He will be remembered for his patience and generosity, characteristics which enabled him to improve the lives of all those who knew him. Pat was my friend of 46 years, he was a Renaissance man and I am proud and fortunate to have known him.

Mr. HASTINGS of Florida

Mr. HASTINGS of Florida. Madam Speaker, on that I demand the yeas and nays.

Mr. HASTINGS of Florida

Mr. HASTINGS of Florida. Madam Speaker, I rise today to honor the life and achievements of my dear friend, The Honorable Andrew DeGraffenreidt. Andrew died last week, at age 80, in a West Palm Beach hospital, his health having deteriorated since breaking his hip socket in October. My thoughts and prayers are with his family at this most difficult time, and I hope that they may take some comfort in knowing that Andrew had a profound impact on those in our community and made significant contributions to the lives of so many Floridians. Andrew was born in Kansas City, Missouri and reared in Hollandale, Mississippi. From an early age he showed the remarkable intellect that would serve him so well in the years to come, earning a Bachelor of Science degree from Tougaloo College, Mississippi, where he also met his wife, Eddie Pearl. Andrew went on to earn a Master of Science degree in Zoology from Pennsylvania State University in State College, Pennsylvania. Andrew put his education to work immediately, starting work as a teacher at Dillard High School in Fort Lauderdale, before moving to Everglades Junior High, where he headed the science department, retiring in 1982. Additionally, he was the teacher for several programs for the Broward County School's ITV Center, including a program that focused on the contributions of minorities to the development of the United States. Andrew was a magnificent mentor to so many that he taught and had a profound impact on the lives of his students. Madam Speaker, Andrew had also had a distinguished career in publicly-elected office, and it is perhaps through this career that he had the greatest influence. Andrew was the first African American elected to the Fort Lauderdale City Commission, serving three terms from 1973-1979. He achieved this office before the city created political districts in 1988, and remains the only African American to have won this office when it was contested city-wide. Andrew was also the first African-American Superintendent of Parks for the city, and served on the boards of Broward County's Urban League and United Way. Andrew was a tremendous public servant. He was a champion of the city's neglected minority neighborhoods, working to establish a Youth Advisory Board and to improve city infrastructure. He worked on reforming the city's police department, in particular pushing for the hiring of minorities and encouraging black and white police officers to learn from each other. He also played a key role in opening the Von D. Mizell Community Center in Fort Lauderdale's Dorsey-Riverbend neighborhood. The significance of his work was recognized when, in 2002, the Fort Lauderdale City Commission named the recreation center at Bass Park in his honor and passed a resolution naming Andrew as an Honored Founder of the city. Madam Speaker, I will treasure Andrew's memory, and although his life has come to an end, his legacy will live on for generations to come. He will be remembered for his generosity and poise, characteristics which enabled him to improve the lives, and earn the respect, of all those who knew him. I am proud and fortunate to call Andrew my friend, and will miss him dearly.

Mr. HASTINGS of Florida

Mr. HASTINGS of Florida. If the gentlelady would yield. I'd have you to know that this won't be the last vehicle in straightening out financial services. But you cite to the credit unions correctly. I, too, have had meetings with them. They're very concerned about the cramdown provisions allowing that it may very well cause increases, and they have been extremely responsible in our respective communities.

Mr. HASTINGS of Florida. Mr. Speaker, I yield the gentlelady an additional 1 minute.