Transcript: Unveiling Legislative Package Aimed At Addressing Subprime Lending Crisis


Audio Excerpt A
"Our 'sub-prime legislation' provides greater, farther-reaching relief than is offered by any other proposal put forward to date. Specifically, we provide $150 million in direct financial assistance for homeowners who are in default," said Assembly Speaker Sheldon Silver.

Audio Excerpt B
"This is the key. We are not 'bailing out' lenders. Lenders must be active financial participants in the process and must pick up their share of the tab, so that the entire financial burden of this crisis does not fall solely on the state," said Assembly Speaker Sheldon Silver.

Audio Excerpt C
"We are also investing $30 million in debt counseling and legal services to help those homeowners who are making their monthly payments but are staring down the barrel of an interest-rate hike that they cannot afford and are not able to re-negotiate on their own," said Assembly Speaker Sheldon Silver.

Audio Excerpt D
"We are concerned with the fact that we want stability in the home market. We want people to stay in their homes and we are concerned that people have been victims of lending practices that should never have been allowed, but were allowed, and these people have been victims of it," said Assembly Speaker Sheldon Silver.