[Congressional Record Volume 153, Number 81 (Wednesday, May 16, 2007)]
[Extensions of Remarks]
[Page E1071]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 ENERGY SAVINGS AMENDMENT TO H.R. 1427

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                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                        Wednesday, May 16, 2007

  Mr. BLUMENAUER. Madam Speaker, today I am introducing the ``Energy 
Saving Mortgages Amendment'' to H.R. 1427. This amendment calls on 
Fannie Mae and Freddie Mac work with lenders to quantify a household's 
monthly savings for purchasing an energy-efficient home or from living 
in a neighborhood providing transit and other transportation 
alternatives and shifts those savings into the ``shelter'' category of 
expenses. The amendment forces lenders to recognize the added 
purchasing power homebuyers generate by saving on energy and 
transportation costs. This allows the homebuyer, based on their 
enhanced buying power, either to qualify for a mortgage or to qualify 
for a larger mortgage.
  By requiring lenders to quantify these savings, the amendment helps 
lower-income or first-time homebuyers qualify for mortgages to purchase 
homes located in transit-friendly locations or for homes that 
incorporate greater energy efficient building technologies. It also 
increases the lending ceiling for homebuyers purchasing a home in a 
neighborhood that allows for transportation savings from access to 
transit or other forms of transportation and for home buyers purchasing 
an energy efficient home.

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