[Congressional Record (Bound Edition), Volume 156 (2010), Part 15]
[House]
[Pages 22385-22386]
[From the U.S. Government Publishing Office, www.gpo.gov]




                         ANOTHER HOUSING BUBBLE

  (Mr. WILSON of South Carolina asked and was given permission to 
address the House for 1 minute and to revise and extend his remarks.)
  Mr. WILSON of South Carolina. Mr. Speaker, American Enterprise 
Institute fellows Peter Wallison and Edward Pinto have warned, ``It is 
hard to believe, but it looks like the government will soon use the 
taxpayers' checkbook again to create a vast market for mortgages with 
low or no down payments and for overstretched borrowers with blemished 
credit. As in the period leading to the 2008 financial crisis, these 
loans will again contribute to a housing bubble.''
  They go on to state, ``The goal of Congress and regulators should be 
to foster the residential mortgage market's return to the standards 
that used to prevail in 1990, before the affordable housing 
requirements were imposed on Fannie and Freddie.''
  We should fix the current problem. For starters, the Dodd-Frank Act 
needs

[[Page 22386]]

to be amended so that quality standards are applied to FHA and other 
government agencies. This should not impair credit availability for the 
important home-building and real estate industries.
  As a former real estate attorney, I know the government should not 
overwhelm homeowners with mortgages they cannot afford. This destroys 
neighborhoods and families.
  In conclusion, God bless our troops, and we will never forget 
September the 11th.

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