[Congressional Record Volume 152, Number 85 (Tuesday, June 27, 2006)]
[House]
[Pages H4582-H4586]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH
Mr. NEY. Mr. Speaker, I move to suspend the rules and agree to the
resolution (H. Res. 854) recognizing National Homeownership Month and
the importance of homeownership in the United States.
The Clerk read as follows:
H. Res. 854
Whereas the President of the United States has issued a
proclamation designating the month of June 2006 as National
Homeownership Month;
Whereas the national homeownership rate in the United
States has reached a record high of almost 70 percent and
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 creating affordable 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, such as the
American Dream Downpayment Act, 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
Ohio (Mr. Ney) and the gentlewoman from California (Ms. Waters) each
will control 20 minutes.
The Chair recognizes the gentleman from Ohio.
Mr. NEY. Mr. Speaker, I yield myself 5 minutes.
Mr. Speaker, it is a pleasure to be here today on the floor with our
ranking member, the gentlewoman from California, Congresswoman Maxine
Waters.
I rise today in support of House Resolution 854, which recognizes
National Homeownership Month and the importance of homeownership in the
United States. This resolution is offered by my colleague and friend
from California, Congressman Gary Miller, who has really undertaken a
robust job in working the housing issues and sponsoring different
forums for discussions on
[[Page H4583]]
housing and being a very active member of our Housing Subcommittee and
also the vice chair of that committee.
June is National Homeownership Month, and so many of our partners
celebrate this because, in America, we would hope that everybody would
have an opportunity to be able to own a home. A home is more than just
a symbol of the American dream; it is the backbone of our American way
of life.
Over the past 3 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 local housing markets.
Homeownership creates community stakeholders who tend to be active in
charities, churches, neighborhood activities. Homeownership inspires
civic responsibility, and homeowners are more likely to vote and get
involved with local issues. Families owning a home offer children a
stable living environment, and its influences are great. It helps with
their personal development in many positive, measurable ways at home,
in school and in our society.
Today, nearly 70 percent of American families own their own homes.
Minority homeownership rates have reached an all-time high of almost 50
percent. While many gains have been made though, lagging minority
homeownership rates, I think, are a serious concern. That issue has to
be addressed.
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 our Nation's capacity to create economic opportunity for
minorities and to build strong, stable communities.
In the last Congress, the Subcommittee on Housing and Community
Opportunity, which I chair, and again the ranking member is the
gentlewoman from California, that committee and the members from both
sides of the aisle assisted in enactment of 17 housing-related bills.
I want to thank the members of that committee, Gary Miller, the vice
chair, and the gentlewoman from California; also, of course,
Congressman Oxley and Barney Frank of Massachusetts. Chairman Oxley has
worked with us, as Mr. Frank has, to make sure that these bills have
gone to the full committee.
So we are very proud of the enactment of 17 housing-related bills.
That was through bipartisan cooperation. We have been able to do this
to make existing housing programs work better.
Our work continues in the 109th Congress. In the last month, the
Housing Subcommittee of the Financial Services Committee has marked up
10 housing bills. For example, we approved a bill that would preserve
affordable rural housing opportunities and one that would modernize and
increase the availability of FHA-insured manufactured housing loans to
low and moderate consumers who wished to purchase a manufactured home.
I am especially proud of H.R. 5121, the Expanding American Home
Ownership Act of 2006. This important FHA modernization legislation
would allow for risk-based pricing for the Federal Housing
Administration. Charging premiums commensurate with risk allows sound
pricing and portfolio diversity to sustain the financial strength of
the FHA fund.
We want to thank the gentlewoman for taking the lead on this. I feel
if we had not done this bill I don't know where FHA would be today. I
thank the gentlewoman for all her hard work.
While homeownership is a desired goal for many Americans, and that is
why we are here, again I thank Mr. Miller for this resolution, but
there are still, and I think we have to face this, many in society are
not ready yet or cannot own their own home.
So the Financial Services Committee in this month approved by voice
vote H.R. 5443, the Section 8 Voucher Reform Act of 2006. This piece of
legislation represents the culmination of a bipartisan negotiation over
the last year to craft a compromise proposal to reform HUD's section 8
program.
In the Housing Subcommittee, we do continue to plan to work hard with
our ranking member, the gentlewoman from California, and Mr. Miller and
all the Members on both sides of the aisle to explore new ways to put
people in the path of homeownership so they can realize its benefits.
Mr. Speaker, I reserve the balance of my time.
Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker, as the ranking member of the Subcommittee on Housing and
Community Opportunity and one of the original cosponsors of this
legislation, I rise in strong support of House Resolution 854,
celebrating June as National Homeownership Month of 2006.
I would like to thank the Chair of our subcommittee, Mr. Ney, for his
support, not only for this resolution but his support for all of the
members serving on our subcommittee on both sides of the aisle for all
that we are attempting to do to expand homeownership opportunity. I am
excited about the leadership that Mr. Ney has provided on FHA, to
support the CDBG, his support for section 8. All of these programs lead
to homeownership.
{time} 1230
And I am delighted to be on the floor with him today.
I would also like to thank Mr. Gary Miller, the vice chairman of the
subcommittee on Housing and Community Opportunity, for sponsoring this
resolution. This is an extremely timely resolution. June is National
Homeownership Month, 2006.
And I also want to applaud all of those who joined on the resolution
as original cosponsors: Mr. Hinojosa; Mr. Scott of Georgia; Ms. Harris;
Ms. Millender-McDonald; Mr. Neugebauer; Mr. Frank, the ranking member
of the Committee on Financial Services; Mr. Ney, of course, chairman of
the subcommittee on Housing and Community Opportunity; and the
distinguished chairman of the Committee of Financial Services, Mr.
Oxley.
Mr. Speaker, and Members, homeownership is like motherhood and apple
pie. I believe that just about everyone would agree that homeownership
is important to the overall quality of life in communities across the
country and to the economic well-being of individuals and families in
America.
While National Homeownership Month has been celebrated for the past 5
years, we really do owe a great deal of credit to the many nonprofit
organizations and public policymakers who have concentrated on making
the American Dream come true, as well as others who have formed public-
private partnerships to expand homeownership opportunities in America.
Without these cooperative relationships and bipartisan relationships,
we would be hard pressed to have reached many of the low-and moderate-
income persons and families who have been able to afford a home.
Mr. Speaker and Members, it is commendable to applaud homeownership
in this country, but it takes a little bit more to create the
opportunities for the average American to own a home, and it requires
real support and assistance by public policy-makers. I am pleased and
proud to serve on this subcommittee because, again, I see that
commitment on both sides of the aisle.
Homeownership has a rich history in America. Let's take a walk back
in time and we will see just how important homeownership has been in
America. From 1900 to 1920, the first 20 years of the last century, the
homeownership rate declined slowly but steadily. Then homeownership
soared in the 1920s, but declined to its lowest level in the 20th
century, 44 percent by 1940. Of course, after World War II, we
witnessed a dramatic increase in homeownership as the postwar economy
boom contributed to American prosperity. Purchases of homes were
central to building that prosperity; and by 1960, homeownership had
grown to 60 percent because of favorable tax treatment and attractive
financing related to homeownership.
During that same year, my State of California reached its high water
mark for homeownership tying the national average of 60 percent. By
2000, two in three households in the United States owned their own
homes. In 1990 less than half owned their own homes, whereas today 70
percent of all Americans own their homes.
In addition, the median value of single family homes in the United
States, according to the census, rose from $30,600 in 1940 to $119,600
in 2000. But of course, today the median value in some
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places, such as California, have increased tremendously, almost to
$500,000.
The benefits of homeownership are truly remarkable. Homeownership
provides a broad range of benefits to individual homeowners and to
society as a whole. Many children of homeowners did better in school
and are more successful in life. Homeownership acts as a powerful
economic stimulus, benefiting the individual homeowner and the national
economy. Homeownership benefits neighborhoods, providing economic and
social capital. Homeowners are more likely to participate in local
organizations. Homeownership in distressed communities raises
neighborhood property value by a significant amount, and homeowners
state that they are more satisfied with their living situation than
renters.
The benefits might seem inconsequential to some. But believe me, if
we could transfer the benefits of homeownership across this country, we
would wipe out much of the crime in our communities, lower high school
drop-out rates, reduce poverty, and improve the overall quality of life
for countless numbers of Americans.
Just think of the benefits to children. Children of homeowners score
better on academic tests, graduate at higher rates, have fewer
behavioral problems, and enjoy a better social environment. Children of
homeowners are more likely to become homeowners, adding to the paradigm
of wealth creation.
Homeownership benefits the U.S. economy. Homeowners generate equity.
Home equity is often the source of start-up capital for a business or
for financing our children's education and our retirement. High rates
of homeownership in a community add to the value of property as much as
$5,000, according to one recent study.
A home is a real source of wealth. Homeownership is central to
individual wealth and to the wealth of the U.S. economy. The growth in
new housing starts in the last few years contributed directly to the
growth in the U.S. economy. Just look at the housing sector, and it
will usually tell you a lot about the overall wealth and direction of
the economy.
Mr. Speaker, I reserve the balance of my time.
Mr. NEY. Mr. Speaker, I yield as much time as he may consume to the
gentleman from California (Mr. Gary G. Miller), the author of the
resolution.
Mr. GARY G. MILLER of California. Mr. Speaker, I introduced this
legislation to elevate the debate and the understanding of the
importance of housing in this country.
On May 24, 2006 President Bush designated June as National
Homeownership Month, as he has done over the past 5 years. To
complement this designation, this resolution provides congressional
recognition of the National Homeownership Month and the importance of
homeownership in the United States.
Owning a home is a fundamental part of the American Dream and is the
largest personal investment families will ever make. Not only does
homeownership provide economic security by building wealth over time,
it also strengthens and builds communities.
However, creating affordable homeownership opportunities requires the
commitment and cooperation of the private, public, nonprofit sector,
including the Federal Government and State and local governments.
This resolution expresses the sense of Congress that the House of
Representatives, one, fully supports the goals and ideals of National
Homeownership Month; and, two, recognizes the importance of
homeownership in building strong communities and families.
Today is a day we can come together, set aside any policy differences
we might have, and celebrate homeownership in America.
For generations, the goal of owning a home has been the bedrock of
our economy and a fundamental part of the American Dream. As we have
faced the challenges of war and economic uncertainties, the housing
markets have helped to keep our economy strong.
Nationally, housing generates more than 22 percent of the gross
domestic product and accounts for nearly 40 cents of every dollar
spent.
America's housing markets are the envy of the world. We enjoy the
lowest interest rates, the highest homeownership rates of any developed
nation. In fact, national homeownership in the United States has
reached a record high of 70 percent. Homeownership is the single
largest creator of wealth for Americans. It is the largest investment
most families will ever make, and a key to promoting long-term economic
stability. For this reason we must continue to promote policies that
ensure more Americans can achieve the goal of homeownership.
Aside from helping millions of Americans achieve their dreams,
homeownership also helps to build neighborhoods and strengthen
communities. Families who own homes have a vital stake in their
communities, a stronger interest in the safekeeping of their
neighborhoods, and a deeper commitment to the quality of their schools
and public services.
Each home is a critical piece in a successful neighborhood, allowing
families to enjoy community events together and share in the lives of
their neighbors and friends.
As millions of American families have demonstrated, increased
homeownership helps to build better communities, and better communities
help to build a better America.
As responsible legislators, we need to ensure that government helps
rather than impedes homeownership in America.
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. While we have done much to help Americans
become homeowners, we must do more. We must remove the hurdles and
needless regulation that keep homeownership out of the reach of some
families in America.
And oftentimes in government, we pass policies and laws and
regulations that sound really good, and when they are implemented they
do just the exact opposite of what we intend them to do, they hinder
homeownership. State government and local government do the same thing.
What we need to do as legislators is look at these things we have done;
and if they are wrong, we need to correct them. And then we need to
pass new resolutions and laws that further provide opportunities for
people, which in many cases we have done the opposite of.
We must also promote fair lending practices to increase housing
opportunities for all Americans. And we must ensure that programs
Congress passes to encourage homeownership can be enjoyed by all
Americans in all communities, including those in high-cost areas.
With June designated as National Homeownership Month, there is no
better time to address these issues. Now more than ever Congress must
cultivate an environment in which more Americans may turn the dream of
homeownership into a reality.
I am very pleased today that the President has made it a priority to
promote affordable housing and homeownership, even among those
challenges our country faces in other areas.
Along with Secretary Jackson and his team at HUD, the President has
taken a leading role in finding new and innovative ways to expand
homeownership in all areas of this country.
Fortunately here in Congress we have a strong commitment to
homeownership from Members from both sides of the aisle. I want to
commend the people in our committee who have worked really hard:
Chairman Oxley and Ranking Member Barney Frank, also subcommittee
Chairman Ney and Maxine Waters. We have come together on many issues.
We have put aside personal issues that we might disagree on, and we
said, what can we do positively together to create a better environment
for housing, understanding that people at all sectors of society need
to own a home, and how can we eliminate programs that hinder them from
doing that.
I am confident due to this teamwork we will have success in years to
come and continue to increase homeownership nationwide.
National Homeownership Month is a reminder of the importance of
housing issues in America. I urge my colleagues to support this
resolution, and I encourage all of us, as we go through our practices
of trying to pass good and
[[Page H4585]]
reasonable laws for this country, to look at policies that encourage
homeownership rather than discourage homeownership.
Ms. WATERS. Mr. Speaker, I yield myself such time as I may consume.
Mr. Speaker and Members, homeowners confer benefits to the
communities in which they live. Homeowners vote and participate in
important community organizations such as our schools. Homeownership
benefits distressed neighborhoods, resulting in increased property
values and more stable communities. Stability is the key to improving
the quality of life in America. Homeownership in America is the key to
stability.
Despite the benefits of homeownership in America, some Americans
still are not benefiting from homeownership. African Americans and
Latinos still lag behind others in their rates of homeownership.
According to the ``National Urban League's State of Black America
Report for 2006,'' less than 50 percent of African American families in
America own their own homes. The rate of homeownership is about the
same for Latinos, approximately 49 to 50 percent.
Another poignant fact is that some of the disparity in homeownership
rates for these groups is the result, sometimes, of discrimination and
predatory lending. The Center for Responsible Lending just completed a
major study which found that African Americans are still more likely to
receive higher-rate home purchase rates and refinance loans than
similarly situated white borrowers, particularly for loans with
prepayment penalties. African Americans with prepayment penalties on
their subprime mortgages were 6 to 34 percent more likely to receive a
higher-rate loan than if they had been white borrowers with basically
the same qualifications or risk factors. Indeed, Latino borrowers had
the same experience as African Americans. Latino borrowers purchasing
homes were 29 to 142 percent more likely to receive a higher-rate loan
than if they had been a non-Latino white borrower. Each of the above
findings was also documented in a Federal Reserve study last year.
These findings are very real for African Americans and Latinos, and
that should be enough. What the findings mean is that African Americans
and Latinos still face obstacles to homeownership that other Americans
do not face. Obstacles to homeownership are obstacles to the
achievement of our vision. If homeownership in particular is the key to
stronger and healthier communities, financial independence and the
accumulation of wealth in America, then it is essential that we not
only recognize June as National Homeownership Month, but that we commit
ourselves to eliminating obstacles to homeownership for all Americans.
As such, I ask all of my colleagues to support June as National
Homeownership Month of 2006 as embraced by H. Res. 854. Remember, we
continue to pursue a broad range of policies and programs to encourage
homeownership opportunities in America.
{time} 1245
We have fought to restore budget cuts that have been proposed from
time to time in funding for Federal programs to promote homeownership,
including CDBG, HOME and HOPE VI. We have led efforts to raise FHA loan
limits so that middle-income families in high-cost areas like Los
Angeles have affordable mortgage loan options.
And I want to tell you, the bill that was alluded to by Mr. Ney, our
chairman, on FHA is exciting. It will be coming up on this floor to
receive support from this Congress, and it will be one of the most
profound pieces of legislation that have been passed on this floor
certainly in this session and for a long time.
This will not only revitalize FHA, it will increase the loan limits.
Because the price of housing has been rising so quickly that FHA was
not able to accommodate those who still need affordable housing, and we
will afford to FHA borrowers the opportunity to participate in new
opportunities, no down payment products, et cetera. So I am very much
looking forward to that.
I am joining with Mr. Ney and others, and we are leading the effort
today to make FHA relevant again to the needs of first-time home buyers
and working families. We must do all we can to ensure that this goal is
achieved.
As we recognize the month of June as National Homeownership Month for
2006, we must recognize that the American dream still escapes many in
America. When this is no longer true, we will be able to celebrate
homeownership in America not as a dream for some but as a reality for
all Americans.
Mr. Speaker and Members, those of us who work on this issue from both
sides of the aisle and in our committee, sometimes we push very hard
and we are a little tough because we know that there are working
families out there who work every day, who pay their bills on time,
they pay their utility bills, they pay their other bills, but they
still are not able to get a mortgage and have a home for themselves and
their families, but they deserve it. And so we look very closely at
what these financial institutions are doing.
None of us like predatory lending. We don't mind having a subprime
market, but it must be a subprime market that will allow people to buy
a home and perhaps even sometimes start out with a little bit higher
interest rate, but they must be reduced as those homeowners demonstrate
their ability to pay for these mortgages.
We don't like our American workers to be taken advantage of. We don't
want them to have high interest rates that are above and beyond what
the average borrower would be able to get. We don't like the fact that
Americans lose homes. We want everybody who enters into this business,
this contract, of buying a home to be able to pay that mortgage and to
be able to hold onto that home.
Let me just close by saying this. I am so adamant about homeownership
and understanding what it can do because I can recall when I was a
single parent with two children and was able to put together a down
payment to purchase a little home that I paid $26,000 for. Just a
couple of years ago, I sold it for almost a half million dollars. Just
think, if every American had the opportunity to get into purchasing a
home, just realize the amount of wealth that could be created not only
to start businesses, to pay for education but also to be there for
retirement in our old age.
So I am perhaps a very vocal and a very persistent supporter of
homeownership because I know what it can do and I know what
opportunities are afforded to all Americans who have the ability to do
this.
I will reserve, if I have any, the balance of my time.
Mr. NEY. Mr. Speaker, again I want to thank Congressman Miller from
California for bringing this resolution which continues to focus, of
course, on June as homeownership month but continues to put this issue
out on the table.
We have done that with the Housing Opportunity Subcommittee through
our ranking member. We were the first committee of the House to go to
New Orleans and Gulfport, Mississippi, where, believe me, there are so
many issues for people, but housing and shelter, not being in a shelter
but housing and to be sheltered from the elements, were the number one
issue down there.
We have addressed, also, so many pieces of legislation, I think it
has to make our committee feel good in the sense that they have done
something. We won't know the faces or the names of people, in fact,
that will now be able to have homeownership or with section 8 to be
into apartments, we won't know who they are, but acts of the Congress,
working together, which is the right thing to do, will help with the
people's lives.
I just want to, on a personal note, say I can remember after World
War II, and my father came out of World War II, it took from that
period of time to 1963 to, in fact, be able to save enough.
And I have talked to the gentlelady about down payments. I am one who
firmly believes that we should help people. Because to take 13 years to
save for something, it is a long time.
There is a famous poet, Langston Hughes, who said, ``Dream your
dreams, and be willing to pay the sacrifice to make them come true.''
People are willing to sacrifice for that dream of a home, but we, as
the government, have to help them. There is a certain point where so
much sacrifice has to be given, it is not helping with the family. That
is what we need to do.
[[Page H4586]]
People will be out there. They will try to make their living, try to
pay their bills, try to get into their home. But what we are doing in
this committee and what we have to continue to do, and I am sure we
will with the ranking member and the gentlelady from California and
with her tenacity on this issue, her concern for people, as the members
of the committee have been concerned about these issues, we will
continue to do that. Because people are willing to sacrifice. But we
have got to help them along, and we have got to give them some
assistance as a government.
I am very proud of the subcommittee and very proud of Mr. Miller and
the resolution.
Mr. Speaker, I yield back the balance of my time.
Ms. WATERS. Mr. Speaker and Members, in closing, let me just say what
a pleasure it has been for me serving on this subcommittee with
Chairman Ney. Not only has he provided strong leadership for
homeownership, as he alluded to, we have made visits not only in
California but in Louisiana and Mississippi, not only looking at CDBG
and section 8 and these very important programs that are helping
Americans have decent and safe living conditions but leading to
homeownership oftentimes.
The attention that was paid to Katrina victims and what took place in
the gulf coast region has not been matched by anyone. Mr. Ney took it
upon himself and his committee to go there and to spend the time taking
a look at all aspects of this disaster.
And while we were there, we were able to understand what the
insurance companies were or were not doing. We were able to understand
what was happening with public housing. We were able to understand what
was happening with the trailers, who was getting them, who was not
getting them. And we were able to work very closely with Mr. Baker,
with Mr. Jefferson and with others who come from that region to begin
to talk about how we are going to build homes, how we are going to
replace those homes, how we are going to be able to use CDBG funds to
make sure that people have the opportunity to not only rebuild their
homes but to restore their lives.
With that, Mr. Speaker, again I thank Chairman Ney. I thank Vice
Chairman Miller.
Mr. HINOJOSA. Mr. Speaker, I rise in strong support of House
Resolution 854, a resolution recognizing June 2006 as National
Homeownership Month, a time for individuals and families to reach for
part of the American dream and purchase a home of their own.
In recognition of National Homeownership Month and in my capacity as
Chairman and Co-founder of the Congressional Rural Housing Caucus, I
became an original co-sponsor of House Resolution 854.
In the United States, each individual has the opportunity to own a
home of their own. Homeownership inspires civic responsibility.
Homeowners are more likely to vote and get involved with local issues.
Families owning a home are able to offer children a stable living
environment. In many cases, homeownership influences a child's personal
development in many positive, measurable ways.
Twenty percent of our Nation's population lives in rural communities,
yet a majority of these families live in substandard housing
conditions.
These communities simply do not have the resources--either economic
or infrastructure--to address the problems of substandard housing. The
gap between the haves and have nots continues to grow, especially in
rural America. Now is the time to stem this tide.
According to the Census Bureau, 48 percent of African-Americans; and,
50 percent of Hispanics owned a home as of the first quarter in 2006.
While many gains have been made, lagging minority homeownership rates
are a serious concern to me and Congress.
Rural America and minorities are in dire need of housing assistance--
and we should all strive to make every month ``homeownership month.''
Mr. Speaker, I urge my colleagues to support this resolution.
Mr. NEUGEBAUER. Mr. Speaker, I thank my colleague from California--
and fellow homebuilder--Congressman Miller, for his sponsorship of this
resolution.
More Americans own their home than ever before. Nearly 70 percent of
American's are homeowners. So it is a good time for us to asses the
positive impacts of homeownership on families, communities and on the
nation's economy.
When a family owns their own home, they have a greater stake in their
community. In addition to shelter, that family also has an asset that
appreciates in value.
Communities with high rates of homeownership often have residents who
are more involved in local schools, civic organizations and churches.
Housing has led our nation's economic expansion over the past few
years, accounting for 16 percent of our Gross Domestic Product. New
housing starts and home sales hit record levels from 2003 through 2005.
Although housing sales and starts have cooled to more typical levels,
the housing market remains strong and sound. Without the expansion of
homeownership and the strength of our housing market, our nation would
not have the economic growth we are experiencing today.
It is important that Congress pass tax, regulatory and housing
finance polices to continue this growth and to help make the dream of
homeownership a reality for even more Americans.
The Housing Subcommittee has advanced legislation this year that
modernizes the Federal Housing Administration. In order for FHA to
continue to offer assistance to first-time buyers and buyers with lower
incomes, FHA needs more flexibility to keep pace with changes in the
mortgage marketplace. The House needs to approve H.R. 5121.
When regulations on the housing industry are reasonable, the cost of
housing goes down. Regulatory relief is needed to make housing more
affordable to more Americans.
One step Congress should take to make regulations more reasonable is
passage of H.R. 5558, which makes common-sense reforms to storm water
permitting.
Before coming to Congress, I spent a lot of time in the housing
business. The housing market has been through ups and downs, but
through all the changes, home ownership continues to be vital for
families, communities and the nation's economy.
This resolution today affirms Congress' support for homeownership and
the importance of homeownership in our country.
I urge support for the resolution and support for sound housing
policies in Congress.
Ms. WATERS. Mr. Speaker, I yield back the balance of my time.
The SPEAKER pro tempore (Mr. Kline). The question is on the motion
offered by the gentleman from Ohio (Mr. Ney) that the House suspend the
rules and agree to the resolution, H. Res. 854.
The question was taken; and (two-thirds having voted in favor
thereof) the rules were suspended and the resolution was agreed to.
A motion to reconsider was laid on the table.
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