[Congressional Record Volume 151, Number 140 (Friday, October 28, 2005)]
[Extensions of Remarks]
[Page E2221]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




   PROVIDING FOR CONSIDERATION OF H.R. 1461, FEDERAL HOUSING FINANCE 
                           REFORM ACT OF 2005

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                               speech of

                            HON. MARK UDALL

                              of colorado

                    in the house of representatives

                      Wednesday, October 26, 2005

  Mr. UDALL of Colorado. Mr. Speaker, I rise in support of the 
``Federal Housing Finance Reform Act.'' This legislation not only 
addresses key components to ensure the stability of mortgage lenders 
Fannie Mae and Freddie Mac but it does a great deal more to expand 
homeownership opportunities for millions of American families.
  I am pleased this legislation creates a new and single regulator in 
the Federal Housing Finance Agency which has expanded strength, 
including full receivership powers in the event of a financial crisis 
and independent litigating authority. As these companies have a public 
mission they must comply with high standards and accountability on 
their activities.
  As the price of housing continues to rise, especially in high cost 
communities, many families find the opportunity of homeownership 
elusive. I am pleased this legislation will allow Freddie Mac and 
Fannie Mae to loan up to the median average of homes in areas of high 
cost. This provision will help middle class families in Colorado towns 
such as Minturn, Basalt and Frisco to receive needed resources so they 
can purchase a home.
  I am also pleased the legislation includes an affordable housing 
fund. This fund would require these mortgage lenders to allocate a 
portion of their profits for purposes such as down payment assistance 
and closing costs for low income first time homebuyers.
  While this bill has many strong elements it is important to note a 
significant shortcoming. I am outraged by provisions which subverts 
activities of nonprofit, charitable, faith based organizations and 
their affiliates. I find troubling that these groups would not be 
considered for funding from the affordable housing fund if they use 
their own funds to participate in political activities such as non 
partisan voter registration drives and get out the vote activities. 
This is especially troubling as the Federal Government continues to 
spend time and resources expanding voting opportunities with the Help 
America Vote Act and the National Voter Registration Act.
  I hope the Senate and conference committee will reject such language 
to ensure that groups and organizations are not penalized for 
participation in the political process.
  In spite of deficiencies the bill is worth supporting because it is 
important to strengthen regulations and operations of Fannie Mae and 
Freddie Mac. By doing so we continue to provide and further expand the 
American dream of homeownership to millions of Americans and their 
families.

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