[Congressional Record Volume 154, Number 124 (Saturday, July 26, 2008)]
[Senate]
[Page S7513]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                                HOUSING

  Mr. CARPER. The Nation has gone through a housing bubble over the 
last year or two. Housing values have gone up in a way that are 
unsustainable. We have now seen the collapse of the bubble. As we 
eventually move our way toward a stabilizing of housing prices, with 
this housing legislation to make sure that when we do reach the bottom, 
prices stabilize, and there is enough confidence on the part of people 
who are renting houses today, people who would like to be homeowners, 
that they can move in, they will have a mortgage mechanism that still 
works, they will have a housing finance operation that still works, and 
we will be able to get this economy moving again.
  The legislation we have adopted provides for stabilizing Fannie Mae 
and Freddie Mac, makes sure we have a strong independent regulator for 
them, brings the FHA into the 21st century and streamlines it, provides 
for housing counselors. It does a whole lot of good things.

  I commend everyone who has had a hand in working in that, including 
the Presiding Officer, and say that I am delighted it has passed and 
the President is going to sign it into law.
  The PRESIDING OFFICER. The Senator from Alaska.
  Ms. MURKOWSKI. Mr. President, under the previous unanimous consent 
order, I believe the Republicans have 30 minutes under our control.
  I yield to the Senator from Tennessee.
  Mr. ALEXANDER. Mr. President, I thank the Senator from Alaska.
  I ask unanimous consent, if it has not been asked already, that we 
conduct the next 30 minutes as in a colloquy.
  The PRESIDING OFFICER. Without objection, it is so ordered.

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