[Congressional Record Volume 160, Number 4 (Wednesday, January 8, 2014)]
[House]
[Pages H30-H31]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      THE QUALIFIED MORTGAGE RULE

  (Mr. PITTENGER asked and was given permission to address the House 
for 1 minute and to revise and extend his remarks.)
  Mr. PITTENGER. Mr. Speaker, I stand regarding the qualified mortgage 
rule that will go into effect this Friday. This rule is going to have a 
devastating effect on the housing industry.
  Once again, the long hand of the Federal Government goes out to 
dictate policy to the financial industry on whom they should make loans 
to. Once again, we face another crisis in the housing industry. The 
Federal Government, frankly, was one of the major culprits in the 
housing demise that we have just gone through, making easy credit for 
borrowers. Now they are telling financial institutions clearly the 
wrong direction in which to go. We need the markets to work. The 
Federal Government has proven also that they sure cannot handle health 
care through ObamaCare.
  Why do we think that the government knows best when it comes to 
telling community banks and others who

[[Page H31]]

they should make their loans to? Fifty percent of the loans made in 
2013 will not be made for 2014 with these guidelines.
  Mr. Speaker, we call for this rule to be delayed for a year to allow 
Congress to improve it.

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