April 24, 1995 CONGRESSIONAL RECORD— SENATE S5615 

been estimated to be as high as $217 billion. 

The granting of wholesale rescissions, and the liability that such rescissions would create, could be devastating to both mortgage lenders, and 

to the secondary markets that provide 

the mortgage-market with liquidity. 

And we must remember that the liquidity of the mortgage markets has helped 

millions of Americans obtain their 

dream of home ownership at lower 

costs. 

This bill will permit time for careful 

consideration of this problem. This legislation provides a short-term moratorium that only applies to class action 

certifications in connection with certain first-lien refinancings and consolidations. This moratorium is narrowly 

focused on a specific, technical disclosure problems, and will last only until 

October 1, 1995. This provision is not 

intended to impede the settlement of 

class actions. If, for purposes of settlement, the parties stipulate to the certification of a class, a court can approve the stipulation and solely for the 

purposes of settlement, can certify the 

class. A class action cannot be settled 

without certification of the class. This 

moratorium will provide time to remedy this problem and ensure the continued safety-and-soundness of the 

mortgage-finance markets. 

Mr. BOND. Mr. President, I state my 

support for H.R. 1380, the Truth in 

Lending Class Action Relief Act of 1995. 

This important legislation is designed 

to impose a class action moratorium 

on certain lawsuits under the Truth in 

Lending Act. This legislation is narrow 

but necessary to give the Congress an 

opportunity to review the requirements of the Truth in Lending Act and 

the possible unintended consequences 

of the Rodash case and the possible impact of Rodash on the mortgage finance industry. 

Rodash is a Florida case that allowed 

for the rescission of a mortgage where 

the lender disclosed certain delivery 

fees and an intangible tax in an improper place on the settlement sheet. 

This case has now been used as precedent for nationwide lawsuits that could 

potentially disrupt and damage our 

mortgage finance industry. I emphasis 

that the violation in Rodash was a 

technical violation of the Truth in 

Lending Act, and that the fees in question were small and that any improper 

disclosure was unintended. Nevertheless, a complete rescission of the mortgage was permitted. 

In addition, since 1991, some 11.8 million loans totaling $1.3 trillion have 

been refinanced. The cost of rescinding 

these mortgages is about $217 billion. 

To apply Rodash to the mortgage industry is like killing a mosquito with 

an atomic bomb. I believe we need to 

consider these consequences. 

Thank you, Mr. President. 

The bill (H.R. 1380) was deemed read 

three times and passed. 

REMOVAL OF INJUNCTION OF SECRECY—TREATY DOCUMENT NO. 

104–3 AND TREATY DOCUMENT 

NO. 104–4 

Mr. KYL. Mr. President, as in executive session, I ask unanimous consent 

that the injunction of secrecy be removed from the following two treaties 

transmitted to the Senate on April 24, 

1995, by the President of the United 

States: Extradition Treaty with Jordan 

(Treaty Document No. 104–3); and Protocol Amending the 1980 Tax Convention with Canada (Treaty Document 

No. 104–4). 

I further ask that the treaties be considered as having been read the first 

time; that they be referred, with accompanying papers, to the Committee 

on Foreign Relations and ordered to be 

printed; and that the President’s messages be printed in the RECORD. 

The PRESIDING OFFICER. Without 

objection, it is so ordered. 

The messages of the President are as 

follows: 

To the Senate of the United States: 

With a view to receiving the advice 

and consent of the Senate to ratification, I transmit herewith the Extradition Treaty between the Government 

of the United States of America and 

the Government of the Hashemite 

Kingdom of Jordan, signed at Washington on March 28, 1995. Also transmitted for the information of the Senate is the report of the Department of 

State with respect to this Treaty. 

The Treaty establishes the conditions and procedures for extradition between the United States and Jordan. It 

also provides a legal basis for temporarily surrendering prisoners to stand 

trial for crimes against the laws of the 

Requesting State. 

The Treaty further represents an important step in combatting terrorism 

by excluding from the scope of the political offense exception serious offenses typically committed by terrorists, e.g., crimes against a Head of 

State or first family member of either 

Party, aircraft hijacking, aircraft sabotage, crimes against internationally 

protected persons, including diplomats, 

hostage-taking, narcotics trafficking, 

and other offenses for which the United 

States and Jordan have an obligation 

to extradite or submit to prosecution 

by reason of a multilateral international agreement or treaty. 

The provisions in this Treaty follow 

generally the form and content of extradition treaties recently concluded 

by the United States. 

This Treaty will make a significant 

contribution to international cooperation in law enforcement. I recommend 

that the Senate give early and favorable consideration to the Treaty and 

give its advice and consent to ratification. 

WILLIAM J. CLINTON.

THE WHITE HOUSE, April 24, 1995. 

To the Senate of the United States: 

I transmit herewith for Senate advice 

and consent to ratification, a revised 

Protocol Amending the Convention Between the United States of America 

and Canada with Respect to Taxes on 

Income and on Capital Signed at Washington on September 26, 1980, as 

Amended by the Protocols Signed on 

June 14, 1983, and March 28, 1984. This 

revised Protocol was signed at Washington on March 17, 1995. Also transmitted for the information of the Senate is the report of the Department of 

State with respect to the revised Protocol. The principal provisions of the 

Protocol, as well as the reasons for the 

technical amendments made in the revised Protocol, are explained in that 

document. 

It is my desire that the revised Protocol transmitted herewith be considered in place of the Protocol to the Income Tax Convention with Canada 

signed at Washington on August 31, 

1994, which was transmitted to the Senate with my message dated September 

14, 1994, and which is now pending in 

the Committee on Foreign Relations. I 

desire, therefore, to withdraw from the 

Senate the Protocol signed in August 

1994. 

I recommend that the Senate give 

early and favorable consideration to 

the revised Protocol and give its advice 

and consent to ratification. 

WILLIAM J. CLINTON.

THE WHITE H

f 

OUSE, April 24, 1995. 

ORDERS FOR TUESDAY, APRIL 25, 

1995 

Mr. KYL. Finally, Mr. President, I 

ask unanimous consent that when the 

Senate completes its business today it 

stand in recess until the hour of 9:30 

a.m., on Tuesday, April 25, 1995; that 

following the prayer the Journal of 

proceedings be deemed approved to 

date, the time for the two leaders be 

reserved for their use later in the day, 

there then be a period for the transaction of routine morning business not 

to extend beyond the hour of 12 noon 

with Senators permitted to speak for 

up to 5 minutes each with the exception of the following: Senator DOMENICI, 60 minutes; Senator THOMAS, 30 

minutes; Senator BAUCUS, 15 minutes. 

I further ask that at 12 noon, Tuesday, the Senate proceed to a vote on 

the adoption of Senate Resolution 110, 

regarding the bombing in Oklahoma 

City; further that the Senate recess between the hours of 12:30 and 2:15 tomorrow for the weekly policy luncheons to 

meet. 

The PRESIDING OFFICER. Without 

objection, it is so ordered. 

f 

PROGRAM 

Mr. KYL. Mr. President, for the information of my colleagues, the leader 

has advised that there will be a rollcall 

vote on the Oklahoma City resolution 

at 12 noon tomorrow. Following the 

conclusion of the policy luncheons at 

mmaher on MIKETEMP with SOCIAL SECURITY NUMBERS