[Congressional Record Volume 154, Number 121 (Wednesday, July 23, 2008)]
[House]
[Page H6828]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  A MORE RESPONSIBLE APPROACH TO THE HOUSING AND FINANCIAL MARKETS IS 
                                 NEEDED

  (Mr. NEUGEBAUER asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. NEUGEBAUER. Madam Speaker, later today the House will consider 
legislation that will negatively impact our Nation's housing and 
financial markets, not to mention the taxpayers, for years to come.
  The majority has combined some reforms that are long overdue. One of 
those is to make Freddie Mac and Fannie Mae have a stronger regulator 
and to modernize FHA to make it relevant and more effective for 
borrowers across our country. Unfortunately, this bill also includes 
provisions that would put the taxpayers on the hook for people that may 
have borrowed money that they shouldn't have borrowed and for lenders 
that made loans that shouldn't have been made. It also diverts billions 
of dollars from Freddie Mac and Fannie Mae at a time when we're saying 
that they may not be adequately capitalized.
  Madam Speaker, at a time when Americans are having a hard time making 
their mortgage payments and dealing with high food prices, they do not 
want to be saddled with their neighbor's house payment.
  I urge my colleagues to defeat this legislation.

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