[Congressional Record Volume 163, Number 12 (Monday, January 23, 2017)]
[Senate]
[Page S368]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                             MORTGAGE RATES

  Mr. SCHUMER. Second, I want to address again the President's 
Executive action on Friday that would make it harder for Americans to 
afford mortgages. President Trump said in his inaugural address that 
``for too long a small group in our Nation's Capital has reaped the 
rewards of government while the people have borne the cost.'' He 
promised to combat that trend, but only 1 hour later--1 hour after that 
speech--in one of his first acts as President, President Trump made it 
harder for average Americans to afford a mortgage by reversing a recent 
decision by the Department of Housing and Urban Development to reduce 
annual insurance premiums that many borrowers pay, saving homeowners 
about $500 a year. These are young families just starting out. They 
want part of the American dream--a home. There is no need to raise 
their mortgage rates, which is what was done 1 hour after those 
populist words were delivered on the steps of the Capitol. Yes, it only 
took 1 hour for those populist words delivered on the steps of the 
Capitol to ring hollow. Actions speak louder than words.
  So I will just say this. If Dr. Carson wants to earn my support for 
his nomination to run HUD, he ought to reverse the President's decision 
and reinstate the policy that makes mortgages more affordable for 
working Americans.

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