[Congressional Record Volume 153, Number 139 (Wednesday, September 19, 2007)]
[Extensions of Remarks]
[Page E1922]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 2007

                                 ______
                                 

                               speech of

                          HON. LYNN C. WOOLSEY

                             of california

                    in the house of representatives

                      Tuesday, September 18, 2007

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 1852) to 
     modernize and update the National Housing Act and enable the 
     Federal Housing Administration to use risk-based pricing to 
     more effectively reach underserved borrowers, and for other 
     purposes:

  Ms. WOOLSEY. Madam Chairman, I rise today in support of this bill, 
which will help hundreds of thousands of families realize the American 
Dream of homeownership. This bill helps protect those vulnerable to 
unscrupulous subprime lending, and helps those who are currently 
struggling to make their payments by refinancing their loans at a more 
affordable rate.
  It is not right for anyone to be struggling to meet his or her 
mortgage payments due to the unfair lending practices of predatory 
lenders. Putting lower-income families on the path to homeownership 
helps them become more financially solvent, and helps them have more of 
a stake in the health of their community. Homeownership leads to 
healthy families, healthy communities, and rosier financial situations 
for all.
  I also applaud the passage of an amendment introduced by Chairman 
Frank that will help more families, in my district specifically, afford 
homes. This amendment raises the Federal Housing Administration's 
single-family loan limits so that lower-income families are not barred 
from buying homes in the higher-cost markets where they may work. Why 
should a firefighter who works in my district be forced to commute a 
long way to her or his home instead of buying an affordable home near 
the fire station? This amendment will allow potential residents of 
high-price home markets to afford homes.
  This is a good bill that will help America's families in numerous 
ways. I thank my colleague Maxine Waters for introducing it and look 
forward to benefits it will bring to the hard-working families in my 
district.

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