[Congressional Record Volume 165, Number 149 (Tuesday, September 17, 2019)]
[House]
[Page H7746]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 TRANSFORM STUDENT DEBT TO HOME EQUITY

  (Ms. KAPTUR asked and was given permission to address the House for 1 
minute.)
  Ms. KAPTUR. Madam Speaker, I rise today in response to two crises 
facing America's young adults: the student debt crisis and the 
homeownership crisis.
  Since World War II, America's middle class experienced unprecedented 
growth in homeownership and wealth accumulation. Tragically, today, due 
to exploding levels of student debt, which, cumulatively, total over 
$1.5 trillion, the option of homeownership for far too many young, 
aspiring Americans remains out of reach.
  The homeownership rate for those under 35 is just 36 percent, 10 
percentage points lower than 2006. These dismal numbers have 
exacerbated the racial wealth gap as well.
  During the financial crash of 2008, African Americans lost half of 
their accumulated wealth since the founding of the Republic. In 2017, 
African American homeownership fell to 43 percent, effectively negating 
any progress since the Fair Housing Act.
  That is why I have introduced H.R. 3511, the Transform Student Debt 
to Home Equity Act. My bill directs HUD and the Federal Housing Finance 
Agency to establish a pilot program to renegotiate creditworthy Federal 
student debt holders with eligible homes.
  I thank the Financial Services Committee for considering it this 
week, and I ask my colleagues to consider cosponsoring this important 
legislation.

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