Corker Opposes Wall Street Reform Bill As Written

Sunday, April 25, 2010

Senator Bob Corker today reiterated his opposition to the Dodd regulatory reform bill as written, expressed continued hope that bipartisan agreement can be reached and discussed ways of addressing what he calls “fundamental omissions” in the underlying legislation.

Senator Corker shared some of his concerns and ideas for improvement on ABC’s “This Week.”

He said, “While the Dodd bill addresses some important issues, including systemic risk, orderly liquidation, consumer protection and derivatives regulation, there are still many changes that need to occur before we move to debate the bill on the floor. If an acceptable bipartisan agreement can be reached allowing the bill to advance, I plan to introduce a series of amendments to address what I believe to be some fundamental omissions in the underlying legislation.

“At the core of the financial crisis were home loans that should never have been written because the borrowers could not repay them. To correct this glaring vulnerability in our financial system, I’ve stressed the need to establish minimum loan underwriting standards that would require an appropriate down payment and verification of the borrower’s ability to pay for the life of the loan. Such requirements do not exist in the Dodd bill, and I intend to introduce them on the floor.

“Additionally, investors who purchased mortgage-backed securities had no way of enforcing the representations and warranties made by the sponsors because they lacked access to critical underlying data or a third party opinion. Instead, they relied on the securitizer or the credit rating agencies that all suffered from significant conflicts of interest. I will address that problem by mandating disclosure and transparency of information.

“And finally, if a financial firm fails and must go through resolution, compensation and bonuses received by upper level executives and board members should be used to repay the firm’s creditors. I will offer language requiring the FDIC to execute this clawback provision as part of the orderly liquidation process. Never again can we allow failure to be rewarded.”


Latest Hamilton County Jail Booking Report

Here is the latest jail booking report from Hamilton County: ADAIR, MELISSA BROOK  2407 HICKERY VALLEY ROAD CHATTANOOGA, 37421  Age at Arrest: 37 years old Arresting Agency: Hamilton County THEFT OF PROPERTY UNDER 1000 --- BAILEY, AMANDA NICOLE  1208 MISSISSIPPI AVE CHATTANOOGA, 37405  Age at Arrest: 43 years old Arresting Agency: Chattanooga ... (click for more)

Work Set To Start On Miracle League Field At Warner Park In April

A Miracle League field for Chattanooga is finally set to get underway in April. Greta Hayes, who oversees city recreation, said the field should be completed in about three months. It will be at Warner Park where there is now an open area near other ball fields. Ms. Hayes said scheduling of the games will be run through the city. She said the field will be available to ... (click for more)

Slaxxon Regret - And Response

Back in the seventies my three oldest brothers had a buddy named Steve Slack. “Slack” was a star soccer player at Baylor and he grew up on Lookout Mountain, which is where I grew up. He and Jimmy, Henry and Bill went to the University of Virginia where they were roommates in an old, beat up house that was painted pink. Naturally, the place became known as the “Pink Palace” but lest ... (click for more)

Roy Exum: OK, Sis, Off You Go

I’ve got to do something to adjust my sense of humor but fear there is not a big enough wrench. Rasmea Yousef Odeh, who is a naturalized American citizen from Jordan, was one of the principal figures in January’s Women’s March on Washington and had an equal starring role in the most recent “Day Without Women” protests in America. I’m all for equal rights for women yet I was appalled ... (click for more)

Red Bank Stays Unbeaten With Romp Over Hixson

Mandi Munn has been around a lot of Red Bank softball in her life, both as a player and now as the head coach for the Lionettes, but she probably hasn’t been involved with many games like the one her team played at home Tuesday afternoon. Facing the Hixson Lady Wildcats in a District 6-AA contest, the Lionettes more than batted around in three of their four at-bats and they took ... (click for more)

Bradley Holds Off Ooltewah 3-2 In District 5-3A Play

Before this season Bradley Central’s Colton Cross had not pitched since the eighth grade. Now, the senior right-hander has found his niche as a reliever with the Bears’ baseball team. That's in addition to being the Bears' starting second baseman. Cross entered Tuesday’s District 5-3A game against Ooltewah in the seventh with Bradley nursing a shaky one-run lead. ... (click for more)