[Congressional Record Volume 150, Number 87 (Tuesday, June 22, 2004)]
[House]
[Pages H4669-H4674]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH

  Mr. GARY G. MILLER of California. Mr. Speaker, I move to suspend the 
rules and agree to the resolution (H. Res. 658) recognizing National 
Homeownership Month and the importance of homeownership in the United 
States.
  The Clerk read as follows:

                              H. Res. 658

       Whereas the President of the United States has designated 
     the month of June as National Homeownership Month each of the 
     last two years and will do the same in 2004;
       Whereas the national homeownership rate in the United 
     States has reached a record high of 68.6 percent and, for the 
     first time, more than half of all minority families are 
     homeowners;
       Whereas the people of the United States are one of the 
     best-housed populations in the world;
       Whereas owning a home is a fundamental part of the American 
     dream and is the largest personal investment many families 
     will ever make;
       Whereas homeownership provides economic security for 
     homeowners by aiding them in building wealth over time and 
     strengthens communities through a greater stake among 
     homeowners in local schools, civic organizations, and 
     churches;
       Whereas improving homeownership opportunities requires the 
     commitment and cooperation of the private, public, and 
     nonprofit sectors, including the Federal Government and State 
     and local governments; and
       Whereas the current laws of the United States encourage 
     homeownership and should continue to do so in the future: 
     Now, therefore, be it
       Resolved, That the House of Representatives--
       (1) fully supports the goals and ideals of National 
     Homeownership Month; and
       (2) recognizes the importance of homeownership in building 
     strong communities and families.

  The SPEAKER pro tempore. Pursuant to the rule, the gentleman from 
California (Mr. Gary G. Miller) and the gentleman from Georgia (Mr. 
Scott) each will control 20 minutes.
  The Chair recognizes the gentleman from California (Mr. Gary G. 
Miller).


                             General Leave

  Mr. GARY G. MILLER of California. Mr. Speaker, I ask unanimous 
consent that all Members may have 5 legislative days within which to 
revise and extend their remarks and insert extraneous material on this 
resolution.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from California?

[[Page H4670]]

  There was no objection.
  Mr. GARY G. MILLER of California. Mr. Speaker, I yield myself such 
time as I may consume.
  Mr. Speaker, today I rise to celebrate homeownership in America. As 
part of this homeownership initiative, President Bush is expected to 
designate June, 2004, as National Homeownership Awareness Month, as he 
has the past 2 years. To complement this designation, I have introduced 
House Resolution 658 to recognize National Homeownership Month and the 
importance of homeownership in the United States.
  This resolution expresses a sense of Congress and the U.S. House of 
Representatives that we, one, fully support the goals and ideals of 
National Homeownership Month, and, two, recognize the importance of 
homeownership in building strong communities and families.
  Now is a great time to talk about the American dream of homeownership 
because for the past 3 years the housing industry has been the pillar 
of our economy. The housing and refinance market helped keep our 
recently struggling economy moving until the rest of the economy was 
able to accelerate. National housing generates more than 22 percent of 
the Gross Domestic Product and accounts for nearly 40 cents of every 
dollar spent.
  America's housing market is the envy of the world. We enjoy the 
lowest interest rates and the highest homeownership rate of any 
developed nation. In fact, the national homeownership rate in the 
United States has reached a record high of 68.6 percent, and for the 
first time, more than half of all minority families own homes.
  Homeownership is the single largest creator of wealth for most 
Americans. It is a key to promoting long-term economic stability for 
citizens and nations. For these reasons it is imperative we maintain a 
strong housing market.
  There are many components involved in helping people achieve the 
dream of homeownership. We need land to build on, developers to prepare 
the land, architectural plans and building materials, builders and 
contractors to construct the home, certainty on who owns what and how 
much it is worth, and available credit. We need to work to make sure 
that each component can work and that government helps rather than 
impedes the process.
  As many of the Members know, I have been a home developer for over 30 
years. I know all too well the impact of regulatory barriers at all 
levels and the cost of homes. When I came to Congress, I made it my top 
priority to highlight federal policies that have hindered the 
availability of housing in this country and to find ways for government 
to positively impact homeownership in America.
  I firmly believe that Congress must help cultivate an environment 
where more Americans can turn the dream of homeownership into reality. 
I am pleased that the President, in partnership with Congress, has made 
it his priority to ensure that government does something positive to 
foster homeownership. The administration is committed to finding ways 
to increase homeownership particularly among minorities and has set 
forth an ambitious agenda for HUD, focused on building on the progress 
that work and finding innovative ways to reform those in need of 
improvement.
  To focus more attention on the need of regulatory reform, HUD 
launched in June, 2003, America's Affordable Communities Initiative, a 
department-wide effort to help communities across America identify and 
overcome regulatory barriers to affordable housing. I commend HUD for 
its commitment to work with States and local communities to reduce 
regulatory and institutional barriers to the development of affordable 
housing. I look forward to continuing to work with the administration 
and Congress to address our Nation's housing needs.
  I urge my colleagues to support House Resolution 658, which expresses 
the U.S. House of Representatives' dedication to forming policies that 
will help ensure every American family realizes the dream of 
homeownership.
  Mr. Speaker, I reserve the balance of my time.
  Mr. SCOTT of Georgia. Mr. Speaker, I yield myself such time as I may 
consume.
  First of all, I want to thank the gentleman from California (Mr. Gary 
G. Miller) for his sterling leadership on this issue and for this piece 
of legislation as we recognize June as National Homeownership Month.
  Today the House takes up this important housing resolution to 
recognize National Homeownership Month and the importance of 
homeownership in the United States. In addition to the gentleman from 
California (Mr. Gary G. Miller), I certainly want to recognize and 
thank the gentleman from Ohio (Mr. Oxley), our distinguished chairman 
of the Committee on Financial Services, for his leadership; the 
gentleman from Massachusetts (Mr. Frank), our ranking member; the 
gentlewoman from California (Ms. Waters), our ranking member on the 
Housing and Community Opportunity Subcommittee; and the gentleman from 
Ohio (Mr. Ney), our chairman on the Housing and Community Opportunity 
Subcommittee.
  Mr. Speaker, homeownership is a dream that millions of Americans 
strive to achieve every year. Our national homeownership rate has risen 
dramatically during the past 50 years and now stands as a record 68.8 
percent. This is an extraordinary accomplishment that all Americans 
should be very proud of.
  But in the midst of this record housing boom, there are yet millions 
of American families, particularly low-income families and minority 
households, who have been left behind and unable to make this dream a 
reality.
  So as we celebrate June as National Homeownership Month, this 
Congress must seize on opportunities to help more Americans reap the 
benefits of owning their own home.
  I will just enter into the Record this article from the front page of 
my home newspaper, the Atlanta Journal Constitution, yesterday, which 
is headlined ``Black Women Find Places of Their Own,'' written by Janet 
Frankston, an Atlanta Journal Constitution staff writer. And it starts 
with this story that I think is very appropriate as we start this. It 
says: ``The day before she closed on her three-bedroom house, Thommi 
Odom couldn't eat. `Even at the day of closing, I was physically sick,' 
said Odom, a 30-year-old information technology manager originally from 
Savannah. `Just the whole process, knowing I'm ultimately responsible, 
was very scary.'
  ``Now, more than 5 years later, Odom has tripled her income and is 
looking for her second house, an upgrade from her 2,036 square foot 
home in Lithonia. And now she's not even blinking at the finances.''
  She is building wealth, but it started with the purchase of a home.
  America's families and neighborhoods and our national economy all 
prosper from homeownership. Homeownership enables families to build 
wealth that transcends generations. Homeownership transforms 
neighborhoods into centers of civic engagement and community strength, 
and housing is a vital part of the national economy, accounting for 
about 14 percent of the gross domestic product. Indeed, it is housing 
that has played an essential role in the economy and the economic 
recovery over the last 2 years, creating new jobs and serving as an 
engine of economic growth.
  And there is such great news from my home area of metro Atlanta, 
which I represent. And I represent 11 counties, and of those 11 
counties, eight of them are among the fastest-growing counties in terms 
of homeownership in this Nation. The number of African American 
homeowners, for example, has increased by 97 percent in the 1990s; yet 
there is a lot of work to do with African American homeownership that 
is fluctuating as we speak.
  For Hispanics it increased 258 percent, and for Asians it increased 
241 percent. These numbers compare to an increase of 38 percent for 
white homeowners. From 1997 to 2002, conventional mortgage loans to 
African American women increased by 114 percent.
  Clearly, the homeownership gap is closing, and this Congress should 
be proud of the work that we are doing. But there is much more work to 
do. We must pass the Financial Literacy Act, which I introduced, and I 
am working with the gentleman from Ohio (Chairman Oxley) and the 
gentleman from Ohio (Mr. Ney), subcommittee Chair; and the gentleman 
from Massachusetts (Mr. Frank) and the gentleman from Pennsylvania (Mr. 
Kanjorski).

[[Page H4671]]

  The House of Representatives can take an important step to expand 
homeownership opportunities by also passing H.R. 3755, the Zero 
Downpayment Act of 2004. This legislation, which I introduced with the 
gentleman from Ohio (Mr. Tiberi), would help thousands of families get 
into homes by helping them overcome one of the top obstacles of 
homeownership: assembling the necessary funds for a down payment.
  H.R. 3755 enjoys strong bipartisan support and passed by the House 
Committee on Financial Services by voice vote. By swiftly passing this 
legislation, the House will be paying fitting tribute to National 
Homeownership Month by helping thousands join America's ownership 
roster.

         [From the Atlanta Journal-Constitution, June 21, 2004]

                          (By Janet Frankston)

       The day before she closed on her three-bedroom house, 
     Thommi Odom couldn't eat.
       ``Even at the day of closing, I was physically sick,'' said 
     Odom, a 30-year-old information technology manager originally 
     from Savannah. ``Just the whole process--knowing I'm 
     ultimately responsible--was very scary.''
       Now, more than five years later, Odom has tripled her 
     income and is looking for her second house, an upgrade from 
     her 2,036-square-foot home in Lithonia. And she's not even 
     blinking at the finances.
       ``Making the payments is easy,'' she said, sitting in her 
     living room with a group of black girlfriends who are also 
     homeowners. ``The maintenance is difficult.''
       In 2003, unmarried women were nearly twice as likely to buy 
     homes as unmarried men. Single women make up the second-
     largest group of homebuyers, according to a nationwide survey 
     by the National Association of Realtors. In metro Atlanta, 
     Odom's demographic, single African-American women represent a 
     particularly fast-growing group.
       From 1997 to 2002, conventional mortgage loans to black 
     women increased in 114 percent in metro Atlanta, a draw for 
     middle-class blacks from across the nation. That growth 
     greatly outpaced mortgage loans to white men and white women, 
     which increased in the region by 35 percent and 26 percent, 
     respectively. Mortgage growth in the region was highest among 
     single black men, but they bought fewer homes than single 
     black women.
       Women are buying homes as they gain access to more and 
     better-paying jobs. They like the tax advantages and want to 
     start building wealth. And they benefit from a societal shift 
     that accepts their marrying later or not at all. That shift 
     is especially prevalent among black women, 64 percent of whom 
     reported being single in the most recent nationwide census 
     survey.

  Mr. Speaker, I reserve the balance of my time.
  Mr. GARY G. MILLER of California. Mr. Speaker, I yield 2 minutes to 
the gentleman from Georgia (Mr. Isakson).
  Mr. ISAKSON. Mr. Speaker, I thank the gentleman from California for 
his leadership on this resolution and the gentleman from Georgia for 
his support.
  America is a great country for a lot of reasons, but amongst the most 
important is the wide distribution and ownership of real estate in this 
country. We are a Nation of owners, not of tenants, and that sets 
America apart. And in the last decade, we have had dramatic change 
because of dramatic leadership.
  I entered the real estate industry in 1968, and then it was hard to 
buy a home; with the exception of VA loans and FHA loans, almost 
impossible. But things have changed because of the leadership of this 
Congress, because of the leadership of this President, and because of 
the leadership of the financial industry in this country.
  Jim Johnson, in his book of a decade ago Showing America a New Way 
Home, declared through Fannie Mae an ability and a desire to see to it 
that Americans who could not find homeownership could, in fact, find 
it. And, boy, did they ever. Through creative financing mechanisms and 
through targeted programs, today Americans who never dreamed of owning 
homes do. Through the National Association of Home Builders, easy-
living homes were created; where handicapped and disabled Americans now 
find available, affordable, accessible housing in the competitive 
marketplace, which 30 years ago was not possible.

                              {time}  1245

  Those who do not own their own automobile now find financial 
incentives and preferences in financing to locate in housing near Metro 
centers, bus stations and rapid transit.
  In essence, through the National Association of Home Builders, the 
National Association of Realtors, Fannie Mae, Freddie Mac, the Learning 
Institutions of America, this Congress and the President of the United 
States, the American dream of 100 years ago is the American reality for 
2 out of every 3 Americans, and in the months and years ahead, as we 
work forward to improve that, we will only improve the greatness of the 
United States of America and the distinction that separates us from the 
rest of the world.
  Mr. SCOTT of Georgia. Mr. Speaker, I yield 4 minutes to the 
gentlewoman from California (Ms. Lee), who has consistently provided 
sterling leadership to make sure that all Americans have access to home 
ownership.
  Ms. LEE. Mr. Speaker, first let me thank the gentleman from Georgia 
(Mr. Scott) for yielding and for his leadership in a very short time in 
terms of his leadership on our Financial Services Committee, 
specifically in the areas of housing and home ownership. So thank you 
for your leadership and for yielding.
  Mr. Speaker, let me just say how delighted I am today to be able to 
speak in support of this bipartisan bill, with the hope that it will 
spur a movement toward more aggressive quality affordable housing for 
all Americans, and I want to thank my colleague, a member whom I had 
the pleasure to serve with in the California Legislature, the gentleman 
from California (Mr. Miller), for bringing forth this bill, H.R. 658, 
because he certainly understands the critical need for home ownership 
and the affordability factor in terms of home ownership. So thank you 
for making sure that this is a bipartisan bill and for your leadership.
  Mr. Speaker, we all understand the challenges of home ownership and 
the need to build more affordable housing and to market products that 
will help more middle- and low-income individuals and families, more 
people of color to acquire a home.
  The FHA program is a very necessary tool to get these target 
communities into a home. It uses flexible down payment amounts ranging 
from 0 to 3 percent of the loans total, and it also helps with closing 
costs and considerable foreclosure and loss mitigation assistance.
  Now, FHA is pioneering in the areas of not only helping people get 
into their homes and purchase their homes but also helping people keep 
their homes. This is key to home ownership in our current economy, 
where bankruptcy and foreclosures have become a reality for far too 
many people.
  FHA is successful, but it, of course, is not perfect. In areas like 
California, currently, also areas such as Massachusetts and New York, 
the FHA program is crippled by the expensive housing market, and it, in 
fact, limits the amount of people who can participate in home ownership 
solely because of their geography.
  FHA uses a market median to calculate their loan amounts and caps 
loans in high-cost areas to $290,000. Our goal today is to provide a 
vehicle for Americans to achieve the American dream, which is very 
quickly, quite frankly, turning into a nightmare.
  We all know that it is not the stock market that provides the 
foundation for the accumulation of wealth for ordinary working 
Americans. It is the equity in one's home that allows people to, for 
instance, start a small business or send their children to college or 
to travel or to do whatever they desire to be part of the American 
dream, and while I recognize market forces dictate the cost of housing, 
in no way should we let market forces run away out of control without 
helping those individuals and families who really do play by the rules.
  When I see a dilapidated house in California, just this weekend the 
average cost of housing in my area, northern California, I think is 
$509,000. That is for a dilapidated house, quite frankly, a small 
shack. That is $509,000. So when I see houses going for that, I shudder 
at the numbers of families who are permanently shut out of 
homeownership.
  When we see a bill today, such as we have before us, that increases 
this limit to 100 percent of the local median price, I am very excited 
that finally, finally we have a vehicle now that will allow not only 
those individuals in California and my district to begin on the path to 
home ownership, but people

[[Page H4672]]

throughout our country will see that we are for real in terms of making 
sure that we do something to allow them to realize the American dream.
  In addition, let me just close by saying how important it is to 
prevent foreclosures and to build more quality affordable housing that 
establishes through the establishment of what we are calling the 
National Housing Production Program, using some of the FHA reserves.
  So let me just say thank you once again to the gentleman from 
California (Mr. Miller). Thank you to the gentleman from Georgia (Mr. 
Scott). I want to thank the gentleman from Massachusetts (Mr. Frank) 
and the gentleman from Ohio (Chairman Ney) and the gentlewoman from 
California (Ms. Waters) for making sure our subcommittee works in a 
bipartisan fashion on behalf of the American people.
  Ms. MILLENDER-McDONALD. Mr. Speaker, I yield myself as much time as I 
might consume.
  Mr. Speaker, I would like to associate the comments of the 
gentlewoman from California (Ms. Lee) with myself. I could not agree 
with you more. There are things we disagree on. This is not one of 
them. We look at our children and our grandchildren and realize that 
there is a problem in this country, and we need to effectively address 
that problem.
  Last week I have a bill that was heard in committee on FHA, basically 
because as she said, you cannot use FHA loans in California and New 
York, Massachusetts and other States, because the limits are so low, 
they do not meet the needs of the citizens of these States, and you 
could not be discriminated against based on where you happen to live.
  And nobody should be confused. FHA is not a program where the 
government is giving anybody anything. The government makes money on 
FHA loans. They are good for citizens. They have been proven good for 
government, but we need to really aggressively attack the problems for 
housing in this country. We deal a lot with section 8 housing, which we 
all agree there is a need for, but the problem we face when we talk 
about section 8, we want people to own a home, and we have created such 
a situation in this country where people cannot afford to move out of 
section 8 housing because the cost of housing in the next level is so 
great, that there is no way people can move to that next level.
  A lot of those things have occurred over the years because the 
government has done things that we believe felt good, and States have 
done things that they believed felt good at the time but they did not 
work in reality.
  I remember 25, 30 years ago I could introduce a tentative track map 
in California, and in 58 days, the government had to come back and say 
yes or no to that subdivision application so you could build a home.
  Today it goes for 2, 3, 5, 10, 12, 15 years in many cases before a 
builder actually has a surety that he is going to be able to go build a 
home or not build a home, and everybody needs to realize when you 
require a property owner to hold property for 2, 3, 5, 10 years, the 
cost of carry on that property and the cost of the process is passed on 
to the homeowner.
  So when we look at people who we are trying to provide affordable 
housing, it is almost impossible, in many cases, because of the problem 
government has created in and of itself.
  The Endangered Species Act, when it was implemented, and nobody 
argues that we should not do everything we can to preserve the 
environment. That is necessary, but nobody ever dreamt when that 
concept was created that we would be preserving rats and flies and 
snails and stuff like that. My parents were smarter than we were. Our 
parents used to swat flies and poison rats. Now we set aside habitat 
for them; and when we do that, some private property owner is impacted 
by that habitat.
  And the question I want to ask all of you, who wants to live next to 
a rat habitat? I do not know who wants to live next to a rat habitat, 
and the problem with that is you have a rat in your house, we all 
respond in the common way. We put a rat trap out there or poison out 
there. Well, if you trap an endangered rat, you have committed a 
felony. You can go to jail. I mean, how ridiculous is that? Yet, that 
is the law in which we have to work with in this Nation to provide 
housing.
  There has to be some regulatory barriers that are removed, where 
people can get product to the market rapidly and move people into 
houses. The problem we have at the local level is the Federal 
Government takes more money, the States take more money, and local 
community cities are left without revenues. And the first person they 
look to go to is a builder in town as a cash cow. I am not trying to 
criticize them for it, but I am saying when you assess a fee that is 
not associated with a project on a project, the people who buy those 
homes have to pay those fees.
  Nobody argues that if you are impacting traffic and intersections, 
you should mitigate that through fees. Nobody is arguing that. You have 
building and you have school fees. But oftentimes you pay all of those, 
and then we take it far, far beyond that.
  In California, we have an unusual problem that many States do not 
face. There is very, very little attached homes being built, town homes 
and condominiums. The problem is because litigation is so prevalent. 
And it is not generally started by the people who own the town homes or 
condos, it is started by some attorney who sues, goes to the Board of 
Directors and says you either join in this lawsuit or you can be held 
personally liable, and then the associations in the lawsuit, that all 
adds to the cost of providing basic housing for this Nation. Condos and 
town homes generally are the entry level homes you try to address 
first, because people need them.
  We are trying to do tort reform in the medical industry. We also need 
tort reform in the housing industry. We need to do everything we can to 
protect the environment, we need to do everything we can to make sure 
people are legally protected from people who provide housing below 
standard, but we also need to be real in this country, realizing that 
people need homes. Kids many times cannot afford to live in the 
neighborhoods within which they are raised.
  We need to change the laws in this country to fast track housing, and 
yet assure that the environmental levels will be addressed correctly.
  Mr. Speaker, I reserve the balance of my time.
  Mr. SCOTT of Georgia. Mr. Speaker, I yield 30 seconds to the 
gentlewoman from California (Ms. Lee).
  Ms. LEE. Mr. Speaker, I thank the gentleman for yielding me time.
  Mr. Speaker, let me just say to the gentleman from California (Mr. 
Gary G. Miller), one point I want to emphasize also as to why this is 
so important is that in many of our communities that are diverse 
economically and ethnically, what we are seeing is the resegregation of 
America because of income disparities. In many communities, such as 
mine, for instance, you have a diminishing African-American population 
because the cost of housing has gone up so high and the income level 
has not been on par with the cost of housing.
  So I just want to say this bill has far-reaching implications, 
because, in fact, we all agree that an integrated America is also the 
American dream, and we want integrated communities, not communities 
where one cannot afford to reflect the ethnic diversity of our great 
country.
  Mr. SCOTT of Georgia. Mr. Speaker, I yield 4 minutes to the gentleman 
from Illinois (Mr. Davis), who is a strong voice for working people, to 
make sure all people have access to housing, and especially those in 
the lower income and housing projects, of which he represents 80 
percent.
  Mr. DAVIS of Illinois. Mr. Speaker, I want to thank the gentleman 
from Georgia (Mr. Scott) for yielding me time. I also want to commend 
the subcommittee of the Committee on Financial Services that is dealing 
effectively in many ways with the creation and development of 
instruments that lend themselves to increasing homeownership. So I come 
to support this resolution.
  We have heard how home ownership is a part of the American dream. I 
think it is commendable that we can boast of 68 percent homeownership 
in America. But, at the same time, I am reminded of disparities that 
exist.
  For example, in my Congressional district only 38 percent of the 
people own their homes. Only 28 percent of the African Americans in my 
Congressional district own their homes. Yet I

[[Page H4673]]

commend Fannie Mae, Freddie Mac, local mortgage companies, banks, the 
City of Chicago, for programs that have been established and are 
working well.
  I also commend the Congressional Black Caucus, who recognized that 
with ownership comes wealth, and has created a national program called 
WOW, With Ownership Wealth, pointing out to people that you can spend 
50 years paying rent, and at the end of 50 years all that you really 
have to show is a drawer full or a desk full of rent receipts; that you 
have no ownership, no equity value, nothing that you can pass on to 
those coming after you.
  So we still need additional instruments, because, for many Americans, 
the dream is still a horrible nightmare, because they feel that there 
is no way they can purchase a home. They think that you have got to 
have too much down payment. They think that their credit does not meet 
the standards or the requirements.
  So as we commend ourselves, we also need to continue to look for 
instruments that can help make the American dream for more of our 
citizens a reality, so that they too can have that dream of living in 
the house by the side of the road, watching men and women go by.
  So I commend the subcommittee for its progress, I support this 
resolution, and urge that we continue to find those ways that can 
include and bring more people into the system.
  Mr. SCOTT of Georgia. Mr. Speaker, I yield myself such time as I may 
consume.
  Mr. Speaker, as has been pointed out in this afternoon's discussion 
on this very, very important piece of legislation, to own a home is the 
foundation for wealth building in our country. We are making great 
progress, but there is yet much more that we have to do, especially 
when it comes to the minorities, African Americans, and Hispanics, 
particularly.
  But I am so proud to be a part of the Committee on Financial Services 
and on the Subcommittee on Housing and Community Opportunity, for we 
are making great progress, and not only making sure that we address the 
issue of homeownership, but, in addition to that, making sure that we 
put policies and programs in place that will make sure they maintain 
those homes and to build on that progress.

                              {time}  1300

  A measure that we have in our committee, the Financial Literacy Act, 
is to make sure that people are not taken advantage of when they do own 
a home. Very important. A key point of that bill is to set up a toll-
free number so that individual homeowners will have access to get 
information and know where to call to get information before they sign 
on the dotted line. And it is so important that at the other end of 
that phone line that there be a human being, not a recorded voice, but 
a human being answering and responding to that measure. We are very 
proud of that bill.
  Our housing counciling bill under the gentleman from Ohio (Mr. Ney); 
our zero down payment which eliminates the down payment for those FAA-
guaranteed mortgages; and again, an issue that was pointed out by my 
distinguished friend, the gentleman from California, as well as my 
ranking member, the gentleman from Massachusetts (Mr. Frank), and that 
is we must expand FHA loan limits to include high-cost areas like 
California and Massachusetts; and we are working on that.
  Mr. Speaker, free credit reports, and some financial education 
creative matters that we are working on that I want to mention very 
briefly as I close. We have got to get down to the nitty-gritty with 
our young people and start financial literacy programs in the early 
grades; and I am proud to work with my distinguished colleague, the 
gentlewoman from Illinois (Mrs. Biggert), in putting forward a piece of 
legislation that will require financial literacy, age-appropriate, K 
through 12; and we will get that funded by using the Global Fund of 
Securities and Exchange Commission. And the gentleman from California 
(Mr. Dreier) is working to make sure that we set aside monies in the 
Treasury Department to make people aware of financial literacy 
programs.
  Mr. Speaker, this Congress is doing a wonderful job, and I am so 
delighted that we are here with this legislation, H.R. 658, to 
recognize Homeownership Month as the month of June.
  Mr. Speaker, I yield back the balance of my time.
  Mr. GARY G. MILLER of California. Mr. Speaker, I yield myself such 
time as I may consume to close.
  Mr. Speaker, I would like to commend all of my colleagues on the 
Committee on Financial Services, on the Democrat side and Republican 
side, especially the gentleman from Ohio (Chairman Oxley) and the 
gentleman from Ohio (Chairman Ney), who have had a real interest in 
housing, and the gentleman from Massachusetts (Mr. Frank), who is a 
good friend of mine. We have probably done more legislation on housing 
than any two Members that I know of. But he and I are like-minded on 
the needs of housing for our future.
  This is not a Republican, issue nor is it a Democratic issue. It is 
an issue for our future, for our children, for our grandchildren. Do we 
want to continue the situation with the shortage of housing in this 
country, or do we want to change that? In many cases, it is the 
government's responsibility to look at what we have done, and sometimes 
we need to step back and change some of that. FHA reform, I applaud my 
colleague for emphasizing that, again. We are ready for markup on that. 
It is about time FHA kept pace with the market. It is a good program 
that works. The gentleman from Massachusetts (Mr. Frank) and I have 
introduced legislation to resolve this problem and, hopefully, before 
this year is over, can have a bill signed into law that will work.
  But I would also like to commend the builders in this country, the 
Realtors, the subcontractors, mortgage brokers, the mortgage bankers, 
the financial markets, the title companies, the escrow industry, all of 
those people who work hand in hand, putting together a large puzzle to 
provide housing in this Nation. They do a wonderful job, they work very 
hard, and we need to do what we can to assist them.
  Mr. Speaker, I urge all of my colleagues to support House Resolution 
658. It is a bipartisan bill. It is a good bill. Let us start to 
continue to look and focus on the housing needs of our country.
  Mr. NEY. Mr. Speaker, I rise today in support in H. Res. 658, which 
recognizes National Homeownership Month and the importance of 
homeownership in the United States. Offered by my colleague and friend 
from California, Mr. Gary Miller, this resolution is a testament to the 
benefits of a strong and robust housing market in this country.
  A home is more than just the symbol of the American Dream; it is the 
backbone of the American way of life.
  Over the past three years, the housing market has driven the national 
economy, as Americans bought and refinanced homes in record numbers. 
Many regions were spared the worst of the recent recession due to the 
strength of some local housing markets.
  Today, the housing sector directly accounts for about 14 percent of 
the country's total Gross Domestic Product. Building a home involves 
multiple segments of our economy, including builders, bankers, mortgage 
lenders, realtors, and numerous others. For every 1,000 single-family 
homes built, we see 2,500 jobs created, $75 million in wages earned, 
and $37 million in tax revenues generated.
  June is National Homeownership Month and so many of our partners 
celebrate this because in America, every citizen--regardless of race, 
creed, color, or place of birth--has the opportunity to own a home of 
their own. And, new homeowners can create wealth for their families for 
generations to come, while also helping transform neighborhoods and 
communities.
  Right now 68 percent of all families own homes.
  However, the homeownership rate for minorities is around 50 percent. 
This must improve.
  Lagging minority homeownership rates are a serious concern. Minority 
households are expected to account for two-thirds of household growth 
over the coming decade.
  Improving the ability of such households to make the transition to 
homeownership will be an important test of the nation's capacity to 
create economic opportunity for minorities and immigrants and to build 
strong, stable communities.
  Last year, the Housing Subcommittee assisted in the successful 
enactment of 11 housing related bills. Through bipartisan cooperation 
with Congresswoman Katherine Harris and Cong. Artur Davis, Congress and 
the Administration were able to enact legislation

[[Page H4674]]

that today is making existing housing programs work better.
  Of those enacted last year, the American Dream Downpayment Act and 
the proposal to raise the FHA multifamily loan limits are helping 
thousands of individuals and families realize the dream of 
homeownership. I am especially proud of the American Dream Downpayment 
Act, which will provide $200 million in grants to help homebuyers with 
the downpayment and closing costs.
  Sponsored by Ms. Harris and Mr. Davis, this bill will assist 40,000 
families annually achieve the dream of homeownership and will make 
available subsidy assistance averaging $5,000, to help low-income, 
first-time home buying families.
  In an effort to continue the goal the increase minority 
homeownership, on June 3rd of this year the House Financial Services 
Committee approved HR 3755, the FHA Zero Down Payment Act. This bill, 
introduced by Congressmen Tiberi and Scott, would provide a program to 
eliminate the downpayment requirement for certain families and 
individuals who buy homes with FHA-insured mortgages.
  During the enactment of the American Dream Downpayment Act last year, 
we learned that the biggest obstacle to homeownership for most families 
is the inability to save enough cash to meet down payment and closing 
costs. HR 3755 is a good bill that represents another important step 
forward in helping all Americans achieve the dream of homeownership.
  In closing, let me say that the federal government, consumers, and 
the housing industry are linked by our mutual goal of creating housing 
opportunities for more Americans.
  We have much to achieve together for the American people, and our 
best hope of being successful is to work in close concert with each 
other--guided by the same high standards and principles and motivated 
by the same goals.
  In that way, we will continue to open up our communities to new 
opportunities for growth and prosperity.
  Mr. EMANUEL. Mr. Speaker, I rise in strong support of H. Res. 658, 
which recognizes National Homeownership Month. Owning a home is a 
central part of the American dream, and I am pleased that this dream is 
within reach of more families than ever before. Home ownership is now 
at a record high in the United States, with 68.6 percent of all 
American families and over half of all minority families owning their 
own home.
  Buying a home is the largest personal investment many families will 
ever make. Homeownership provides economic security for American 
families by helping them build wealth over time. Expanding home 
ownership also helps strengthen communities, as owners feel a greater 
stake in their local schools, civic organizations, and churches.
  We have a lot to be proud of in the expansion of home ownership 
throughout our communities, but there is still work to be done. We must 
recognize and strengthen the working partnerships between the public, 
private and non-profit sectors in promoting home ownership, and we must 
provide greater support to FHA and related programs which help provide 
the means for lower income families to buy their first homes.
  Mr. Speaker, owning a home is becoming a reality for more American 
families, and we must use National Homeownership Month to continue 
working towards providing this piece of the American dream to all 
Americans. I thank the gentleman from California for introducing this 
important resolution and I urge my colleagues to support it.
  Mr. GARY G. MILLER of California. Mr. Speaker, I yield back the 
balance of my time.
  The SPEAKER pro tempore (Mr. Simpson). The question is on the motion 
offered by the gentleman from California (Mr. Gary G. Miller) that the 
House suspend the rules and agree to the resolution, H. Res. 658.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds of 
those present have voted in the affirmative.
  Mr. SCOTT of Georgia. Mr. Speaker, on that I demand the yeas and 
nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the 
Chair's prior announcement, further proceedings on this motion will be 
postponed.

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