[Congressional Record Volume 156, Number 89 (Tuesday, June 15, 2010)]
[Extensions of Remarks]
[Page E1103]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                         FHA REFORM ACT OF 2010

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                               speech of

                           HON. ANNA G. ESHOO

                             of california

                    in the house of representatives

                        Thursday, June 10, 2010

  Ms. ESHOO. Mr. Speaker, as we work to turn the economy around it is 
imperative that we continue to support the Federal Housing 
Administration (FHA) which has played a critical role in stabilizing 
the nation's housing market.
  It was not too long ago that we saw unscrupulous mortgage lending 
practices that caused hundreds of thousands of Americans to lose their 
homes. Thankfully, we're beginning to see a decline in foreclosures 
rates. In May, we saw a 3 percent decrease in rates and in April we saw 
a 9 percent decrease. We must ensure this declining foreclosure rate 
trend continues and reforming the FHA is essential in doing so.
  The legislation, H.R. 5072, the FHA Reform Act, strengthens the FHA 
while allowing access to safe, affordable financing by responsible 
borrowers. The bill provides the FHA with the authority to manage 
annual mortgage insurance premiums. It also provides significant 
safeguards against dishonest lending practices that are hidden from 
homebuyers.
  As the economy recovers, our nation's consumers are beginning to 
regain confidence in the housing market. We must demonstrate to these 
consumers that they can once again trust lenders. Providing the FHA 
with more authority over mortgages and lending is necessary for the 
recovery of not only the real estate market, but for the economy as a 
whole.
  I regret that an obligation in my District kept me from voting for 
this legislation, but had I been present, I would have been proud to 
vote in support of the bill.

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