tv [untitled] February 14, 2012 4:00pm-4:30pm EST
this is a core value of the country on which this country was built upon and for us as a country we need to stay true to our fundamental values. second, i wanted to say that to the administration, that there's never a wrong time to do the right thing. and frankly, it's not too late. we may be disappointed. i personally am disappointed that we did not get this meetings that we wanted. but it is an opportunity at this moment to turn the ship around or to, at least, change it's course and to recognize that at the end of the day, any administration, i believe, should be measured by results and not by effort. i don't care how hard any administration tries i care about what they achieve and i think it's quite clear regardless of efforts being made and we might disagree on how strong the efforts are, the results aren't there yet. and at the end of the day you need to change your tactics if you want the results because clearly, this approach is not working. lastly, i want to thank both of you, mr. chairman and mr. chairman for your tremendous
leadership on this and around the world. it's a pleasure to you with you and your offices. you do tremendous leadership on behalf of the u.s. congress on all these issues and it's greatly appreciated by me, most importantly it's appreciated by the victims of human rights' abuses around the world who see the united states as a shining example of what they want their their own countries to become. we may have flaws we need to work on but we can't forget where we come from and both of you deserve huge credit for your ongoing efforts over so many years. >> thank you. mrs. lee? >> i speak in chinese. >> translator: i will speak chinese. i feel the chinese government right now is a vast interest group. [ speaking chinese ]
>> translator: even though they may realize how gigantic the a with, it is extremely difficult for them to overcome these problems and to make amends. [ speaking chinese ] >> translator: therefore,ng chi indeed, calls for more and more people to be able to stand up and speak out. [ speaking chinese ] >> translator: as was pointed out by my husband before he was put in jail. [ speaking chinese ] >> translator: the minds explor
treaded on for them to explode. field, you will never know the borderline chinese democracy will emerge and whether or not china can be democracized. therefore it calls on common efforts made by all of us. [ speakinghi >> translator: as was pointed out in my testimony today, the united state a extremely import all of this. [ speaking chinese ] >> translator: i very much hope that the united states of america will help china to make amends and to make a change.
meet the highest leaders in the united states, president obama, vice president biden, and also, secretary hillary clinton. i wish i can meet with them and i also hope that embassy in china can send a delegate to meet and to, at least, verify whether he's alive or not. and i really hope that the highest level of leaders in the united states with can pressure china to release them unconditionally so all the families can be united sooner. [ speaking chinese ]
>> translator: i firmly believe that the chinese people still don't have the basic human rights right now and if this situation continues in china, the whole human civilization won't have a perfect civilization so i hope that the whole western world and the civilized world can give more support to the china's human rights situation and can support those human rights warriors in china so that they can be consoled when they are fighting
in the dark. this kind of support not only can bring china's human rights efforts into a more brighter are, it will also encourage supporting more people to bring out their human nature, the light of the human nature and it will also provide tremendous courage for all of the human rights warriors in china when they struggle in the dark. and hopefully, this kind of support can bring much more encouragement to these warriors and i thank all of you from the bottom of my heart. thank you. >> thank you, so much for your testimonies. the people of china deserve better than what they're getting from the dictatorship. your husbands and you and the others like you, who are languishing in prison, are the future of china and we need to
stand in solidarity with you and with them so thank you so much. the hearing is adjourned. mr. fu? >> one more point to bring the true change to china, i think it's very important for congress to work together to pass the global internet freedom act. i thank the leadership of congre congressman wolf for this. that will provide a tremendous efficient tool to break down this firewall in china. and certainly, it has improved the chance fora pid democracy in china. thank you. >> as you know, that bill, the global internet freedom act, we hope to get it
finished on our subcommittee. it's an idea whose time has c e come. the enabling of high-tech -- to enable dictatorship to find, apprehend and incarcerate people of faith, the christians, the wiggers, and to destroy dissident movements throughout the world calls out for this legislation so i hope to have this bill out of committee shortly so i thank you for bringing that up. i'd like to thank our distinguished witnesses aagain and without further a' dieu, the hearing is adjourned.
there's always room for improvement on human rights, unquote. c-span's facebook page is looking for your yin put into the visit today by china's vice president. he met with president obama this morning at the white house and visits the u.s. chamber of commerce later this afternoon. how important are u.s./china relations? let us know what you think on c-span's facebook page which is at facebook.com/c-span.
under god. we aren't red americans. we're not blue americans. we're red, white and blue and president obama, we are through with you. >> around the last table, they can get along and come at our throat as long as we're foolish enough to raise taxes and throw money in the center of the table and then they can get along like the scene in the movie after the bank rob whichry, one for one for you, one for you. and they're all happy. with politics and public affairs programming throughout the week and every weekend, 48 hours of people and events telling the american story on american history tv. get our schedules and see past programs at our websites and you can join in the conversation on social media sites. a look now at the $25 billion mortgage settlement with five of the nation's largest banks over charges of mortgage
fraud. "washington journal" spoke with the massachusetts attorney general for about 45 minutes. >> we're back with martha coakley, the state attorney general from the state of massachusetts, a democrat and joining us from boston talking about the $25 billion mortgage settlement we heard about last thursday. ms. coakley, let me get into it. first, who will this benefit? >> it's going to benefit, frankly, from my point of view, the whole economy but where it's focused is real relief for two kinds of homeowners who have loans with the five banks that were involved in this particular agreement. those who have been delinquent. they haven't been foreclosed yet and they're behind in payments and they're preforeclosure. and the second group are homeowners who are under water. they have homes that are now worth less on the market than the value of their mortgage. and so they're not in a position
to refinance or, indeed, to be able to get out from under that. so those are the two primary sets of homeowners who will be helped. keep in mind, what this does is avoid what we believe are unnecessary foreclosures. it starts to stabilize the market. it avoids the foreclosures and the aban donned housing and the kinds of things that bring everybody's real estate values downed and affect all of our cities when tax rolls roll around. >> and when will consumers, homeowners, start to benefit from this? >> well, we hope very soon. the final inking of the documents hadn't occurred yet. that's supposed to be the end of february. but already, the five banks have set up the phone numbers. we encourage people who are dealing with the banks now for
loan modifitions or who think they may be eligible to make those calls to start to get paperwork lined up and, hopefully, even though this is spread out over the next three years, that all the states who are involved in enforcing this, the homeowners who are looking for relief and frankly, the bank who is say they want to get this done will work as quickly as possible to modify loans that can be modified, keep people in their homes and one thing we don't talk about much is the incredible stress this creates for those homeowners who don't know if they're going to be foreclosed upon or not and start to get some stability in a real estate market that, frankly, is still at the root of our inability to turn this economy around. >> we have those phone numbers as well and i'll put them up for our viewers so they, a, they know the five banks and then they know the phone numbers to call. so we'll keep those up as we talk to you this morning. and let our viewers know who to
call if they have questions about it. gmac, bank of america, citibank, wells fargo are the five banks usual talk about. this is paul deals -- he said, you're hardly skimming the surface with this deal. it could help some people a lot individually but in terms of the big picture, overall economy and housing market, it's just a drop in the ocean of the problem. >> i don't totally disagree with him, actually and let me tell h foreclosure crisis is where it is today. it has to do with unfair loan origination or it hascuritizati and it has to do with -- let me tell you what this settlement is about and what it is not about. this is focused only on the idea that as the banks acknowledged pretty widely about 18 months
ago, they were involved in robo signing, with what most people know as robo signing. what we alleged when we filed to the december, were unfair foreclosures themselves. not to why this all occurred. that has to do with origination, securitization issues, but why the foreclosure issues now are part of this settlement and it is a small piece of it. not only is this between 40 to 60% of homeowners, there are nine other lenders that we hope will follow suit. but they're also a large number of these loans that are owned by government-sponsored entities. fannie mae and freddie mac and that's the next place we need to go. let me be clear, by know means is this the whole solution or the end of the problem. first, i think we need tide lot of work to make sure this agreement itself is implemented. i think we move forward in good faith that we'll be able to get the relief for people that this agreement is designed to effect.
that's step one. secondly, it's not everybody. and it doesn't deal with, remember, the things that got carved out. all the the attorney's general that said we won't sign an agreement unless we can carve out some securitization claims. some criminal investigations. in massachusetts we had very specific claims around holding mortgages before you can foreclosure. we carved out of this agreement. i want to be clear this is only one piece of a much larger puzzle and we've done some work in the past and brought over $600 million back to homeowners massachusetts in origination claims and securitization claims and this piece will help for those homeowners who are eligible but there's still lots of work to do to get this agreement implemented and i think we still need to look at fannie and freddie and we know that with my colleague in new york, we'll work with the federal government on a task force to look at the opened claims so we're not done yet by any means. >> just about the process of
getting the deal implemented, here's a piece by dean bake ir. he write this is. there's no easy way to determine how much the bank also pay through this route because we don't know what debt write-offs they would have done. if they count written off as a dollar against the settlement as though they would have made no write-offs otherwise, it is possible that they won't pay a dime for this settlement. is that true? >> i can't disagree with that. i think there's a real possibility and we've argued this all along. i think this agreement reaching this agreement took far too long. the money, at first, sounds astounding. $25 billion. that seems like a lot. when you start to parse out, in fact, what the banks would have to do anyway in terms of writing down these mortgages or writing them off, we don't know that and we, frankly, couldn't know that until we moved forward with what
we think is the best option. it's not the perfect solution here. but trying to get for these mortgages, many of which can be saved, can this mortgage be saved, is the real question to keep that homeowner in the home and let the bank move past it. we have a monitor in place and we have ways to look at these numbers. and frankly, being able to get the banks to the table to get them to agree to have a monitor in place, we'll see what the numbers look like. i'll tell you one of the things we'll do and many of my colleagues at the state level is making sure this relief was implemented and looking at these numbers as we go through this. >> it sounds like it was touch and go there for a while as far as who and when people would sign offer on this deal, according to the "wall street journal" blog about it, bank and government officials didn't sign off until 2:00 a.m. in the morning and the last of 49 attorneys general joined the settlement at 7:00 a.m., three hours before it was announced to
the public. were you one of those last holdouts? >> we were, frankly. for good reason. we had always been transparent about the idea that we had a lawsuit and specific issues that we either needed to resolve as part of the agreement or carve out, which we ended up doing, and so we did sign on. i think, though, that there's nothing like a deadline to provide a good inspiration and i think in those last couple of weeks and even in the last few days, many of the states were able to get the banks to come to the table on terms that were really important. my colleague in nevada. my colleague in california. my colleague in new york. my colleague in delaware. being able to say, these are things that are important to our state, particularly, but to all states, this was an agreement, i think, again, no one's claiming it's perfect but for the piece of puzzle that it was designed to address, the robo signing. the use of unfair tactics in foreclosures. we hear from people all the time
who are being told they have a modified loan and meanwhile, they were foreclosed upon at the same time. this agreement, besides the money and relief, provides for people going forward a much clearer more predictable and, frankly, fairer way for dealing with people who are preforeclosure who are looking for modifications and it doesn't resolve all past behavior, no question. but it provides immediate relief for some and hope, will provide a model both for other mortgage holders. the other nine companies as well as we mentioned earlier the mortgages held by fannie mae and freddie mac. nancy is democrat in concord, new hampshire. what do you think? >> caller: i have a question. i'm -- i actually own a business in massachusetts so i'm aware of massachusetts law and attorney coakley. my question sb i'm curious if she was the attorney general back at the time when eliot spitzer got taken down by that phone call.
my point is that right before fell from grace, he signed a letter on behalf of all 50 states attorneys general, attempting to stop the predatory lending and like those jumbo loans, the 80/20 loans. i'm an insurance agent so i lot of people get get mortgages, buy insurance and go under. all 50 attorneys general tried to stop these funky mortgage lending practices. and i believe it was john ashcroft, at the time, who shut them down. they said that the state laws could not supersede federal law but they cited like an 1800's law or 1700's law. and i then heard rick perry when he was on campaign trail that texas didn't allow them the -- the companies to do that to the residents of texas. so i was confused when i heard him say that. my understanding and unfortunately i don't have the document in front of me ise