[Congressional Record (Bound Edition), Volume 156 (2010), Part 8]
[House]
[Pages 11354-11357]
[From the U.S. Government Publishing Office, www.gpo.gov]




                RECOGNIZING NATIONAL HOMEOWNERSHIP MONTH

  Ms. KOSMAS. Mr. Speaker, I move to suspend the rules and agree to the 
resolution (H. Res. 1434) recognizing National Homeownership Month and 
the importance of homeownership in the United States.
  The Clerk read the title of the resolution.
  The text of the resolution is as follows:

                              H. Res. 1434

       Whereas the month of June is recognized as National 
     Homeownership Month;
       Whereas the people of the United States are one of the 
     best-housed populations in the world;
       Whereas owning a home is a fundamental part of the American 
     dream and is the largest personal investment many families 
     will ever make;
       Whereas homeownership provides economic security for 
     homeowners by aiding them in building wealth over time and 
     strengthens communities through a greater stake among 
     homeowners in local schools, civic organizations, and 
     churches;
       Whereas creating affordable homeownership opportunities 
     requires the commitment and cooperation of the private, 
     public, and nonprofit sectors, including the Federal 
     Government and State and local governments;
       Whereas homeownership can be sustained through appropriate 
     homeownership education and informed borrowers; and
       Whereas affordable homeownership will play a vital role in 
     resolving the crisis in the United States housing market: 
     Now, therefore, be it
       Resolved, That the House of Representatives--
       (1) fully supports the goals and ideals of National 
     Homeownership Month;
       (2) recognizes the importance of homeownership in building 
     strong communities and families; and
       (3) reaffirms the importance of homeownership in the 
     Nation's economy and its central role in our national 
     economic recovery.

  The SPEAKER pro tempore. Pursuant to the rule, the gentlewoman from 
Florida (Ms. Kosmas) and the gentleman from California (Mr. Gary G. 
Miller) each will control 20 minutes.
  The Chair recognizes the gentlewoman from Florida.


                             General Leave

  Ms. KOSMAS. Mr. Speaker, I ask unanimous consent that all Members may 
have 5 legislative days within which to revise and extend their remarks 
on this legislation and to insert extraneous material thereon.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentlewoman from Florida?
  There was no objection.
  Ms. KOSMAS. Mr. Speaker, I yield myself 2 minutes.
  This bipartisan resolution supports the goals and ideals of National 
Homeownership Month and reaffirms Congress' commitment to helping 
working families fulfill a fundamental part of the American Dream. 
Importantly, this resolution recognizes the vital role that 
homeownership plays, together with safe and affordable rental housing, 
and building strong communities and families, and it affirms the 
central role that responsible homeownership plays in our economic 
recovery.
  I hope my colleagues will join in support of this resolution that 
will send an important signal to the American people that creating fair 
and responsible homeownership opportunities requires commitment and 
cooperation, and that Washington is up to the challenge.
  Mr. Speaker, I reserve the balance of my time.
  Mr. GARY G. MILLER of California. I yield myself such time as I may 
consume.
  Today I rise in support of House Resolution 1434, recognizing the 
significance of homeownership in America. Every year, this body comes 
together to designate June as National Homeownership Month. To continue 
this long record of recognition, H.R. 1434 provides congressional 
recognition of National Homeownership Month and the importance of 
homeownership in the United States.
  Owning a home is a fundamental part of the American Dream and is the 
largest personal investment most families will ever make. For millions 
of families across this country, a home is more than just the symbol of 
the American Dream. It's the backbone of the American way of life. 
Moreover, in addition to providing financial benefits to individuals, 
homeownership helps strengthen communities. Since homeowners are 
investing not only in themselves, but in the community, they have a 
greater stake in the success of their local schools, civic 
organizations, and churches.
  For the past several years, this country has experienced significant 
upheaval in the United States housing market. The turmoil being 
experienced by homeowners has been devastating and swift moving, and 
Americans are looking to their leaders in government to end the 
terrible housing situation without placing an additional burden on the 
taxpayers.

                              {time}  1050

  My home State of California, in particular, has been heavily impacted 
by the mortgage crisis, with thousands of families losing their homes. 
Thirty-four percent of homeowners in my State currently have negative 
equity in their home. It is crucial that the body recognize the impact 
of the problems facing the housing market so it can take steps to 
ensure that equity and liquidity return to the marketplace.
  Despite all that is occurring in the current housing market, we need 
to remember that home ownership has historically been the single 
largest creator of wealth for most Americans. As someone who has been 
involved in the industry for over 35 years as a developer, I have seen 
my fair share of the housing market downturns.
  From these experiences, I have learned at times of stress it is 
important to ensure that liquidity continues to flow to the housing 
market in order to keep the market functioning. Accordingly, the loan 
limit increases passed by this body are finally providing affordable, 
safe mortgages for homeowners in the high cost areas who were 
previously forced to resort to risky loans and impaired their ability 
to keep their home.
  Additionally, to bring stability to the housing market and encourage 
responsible home ownership, I have sponsored legislation to allow 
homeowners going through foreclosure to stay in their homes and have 
the option of

[[Page 11355]]

buying them back in the future. During these economically challenging 
times, it is more important than ever to provide relief to hardworking 
Americans.
  In conclusion, in the first quarter of 2010 the national home 
ownership rate decreased to 67.1 percent. This is the lowest home 
ownership rate since the first quarter of 2000. Additionally, in the 
first-time buyer age group of under 35 years old, the home ownership 
rate fell to 38.9 percent, which is the lowest level since 1997.
  Assisting home buyers and homeowners by permanently increasing the 
loan limits, enabling borrowers in financially distressed homes to stay 
in their homes, must be a priority for this body. These efforts will 
help maintain the Nation's home ownership level and speed up the 
overall recovery of the housing market.
  I reserve the balance of my time.
  Ms. KOSMAS. Mr. Speaker, I yield 4 minutes to the gentleman from 
Texas (Mr. Hinojosa).
  Mr. HINOJOSA. Mr. Speaker, I rise in strong support of House 
Resolution 1434, recognizing June 2010 as National Homeownership Month. 
I am proud to be an original cosponsor of this important resolution, 
and I commend my good friend and colleague, Congressman Gary Miller 
from California, for its introduction.
  This year's theme is Protecting the American Dream. American families 
deserve the opportunity to achieve and sustain the dream of home 
ownership. This administration and Congress have been taking the 
necessary measures to help existing homeowners stay in their homes, to 
offer a second chance to millions of responsible families, to encourage 
wise and affordable home purchases, and to stabilize our households, 
neighborhoods, and communities.
  The House of Representatives passed the Federal Housing 
Administration Reform Act of 2010. Sponsored by Chairwoman Maxine 
Waters of California, the bill also helps families realize the American 
Dream of home ownership, protects Americans from mortgage fraud, and 
saves taxpayers money. The legislation ensures that the Federal Housing 
Administration remains viable and continues to provide qualified 
borrowers with access to prime credit.
  FHA insurance has been particularly important for minority 
communities, for low-income families, and for first-time home buyers, 
and will continue to help my congressional district, which is 80 
percent Hispanic and poor.
  The Homebuyer Tax Credit the House has extended several times has 
increased home sales and helped stabilize the housing market. Estimates 
suggest that this credit and several extensions will have resulted in 1 
million additional home purchases and saved an average of $21,000 in 
equity for American homeowners who indirectly benefited from the 
stabilization of house values.
  In my capacity as chairman of the Congressional Rural Housing Caucus, 
I have managed to collaborate with my colleagues in obtaining a 
substantial amount of money for the USDA Section 502 Single Family 
Direct Loan program. Recently, I worked closely with the USDA's 
Department of Rural Housing Service on additional commitment authority 
for the Section 502 Single Family Guaranteed Loan program. The House of 
Representatives and USDA's Rural Housing Service have done our jobs. 
It's my sincere hope that the Senate will act quickly on the 502 Single 
Family Guaranteed Loan program so that banks can close on loans.
  The House has passed antipredatory lending legislation and is now in 
conference with the Senate on legislation that will increase consumer 
protection by reforming our financial services regulations and 
legislation. Moreover, the House of Representatives has passed 
legislation reauthorizing the National Flood Insurance Program that 
will help Americans in their times of need. Hundreds of thousands of 
first time home buyers will be unable to close on their homes if they 
are located in floodplains and require flood insurance. I humbly ask 
that the Senate reauthorize the National Flood Insurance Program as 
quickly as possible.
  Mr. Speaker, dozens of communities across the Nation have planned 
events and activities throughout June to highlight the benefits of home 
ownership and share information on ways families can remain successful 
homeowners.
  The SPEAKER pro tempore. The time of the gentleman has expired.
  Ms. KOSMAS. I yield an additional 10 seconds to the gentleman.
  Mr. HINOJOSA. I am glad that we are in Congress acknowledging their 
efforts through this resolution.
  I urge all my colleagues to support this important resolution.

                                                   Congress of the


                                                United States,

                                    Washington, DC, June 17, 2010.
     Hon. Nancy Pelosi,
     Speaker, U.S. House of Representatives, Washington, DC.
     Hon. John Boehner,
     Minority Leader, U.S. House of Representatives, Washington, 
         DC.
       Dear Speaker Pelosi and Minority Leader Boehner: The 
     homebuyer tax credit has been extremely successful in 
     increasing home sales and stabilizing the housing market. 
     Early estimates suggest that when complete the credit will 
     have created 1 million additional home purchases, and saved 
     an average of $21,000 in equity for American homeowners who 
     indirectly benefited from the stabilizing of house values.
       However, many relatively new challenges to the industry 
     have delayed the closing for too many homebuyers who made 
     every effort available to sign for a house by April 30, 2010 
     and close by the June 30, 2010 deadline. Lenders involved 
     with short sales and foreclosures have not been able to 
     respond fast enough to allow homebuyers to close. Federal 
     programs, such as FHA, VA loans and USDA Rural Development 
     have not always kept up with demand. USDA's single family 
     home loan guarantee program ran out of funds in early May, 
     thus eliminating a lending source for qualified homeowners 
     and builders who had planned on the government program as 
     early as last year. All of these delays were not foreseen by 
     homebuyers or even Congress who set 60 additional days as an 
     appropriate window of time to complete a closing.
       We ask that the June 30, 2010 deadline be extended for 
     those homeowners who entered into a binding contract by April 
     30, 2010. The Nationals Association of Realtors estimated 
     that up to 180,000 eligible homebuyers who signed contracts 
     will be unable to close before the June 30, 2010 deadline. We 
     support the bipartisan effort in the Senate to include an 
     extension of the deadline in legislation making its way to 
     the President and would also support an extension as a 
     standalone bill. The housing market remains fragile and 
     vulnerable to the uncertainty created by thousands of 
     potential homebuyers not knowing if they will receive their 
     tax credit. Passing an extension sooner rather than later 
     will help avoid the inertia and bottleneck in home sales 
     created by the unknown outcome of so many pending closings.
       Extending the deadline is the fair thing to do, and so 
     Congressional action would be both appropriate and beneficial 
     to thousands of our constituents. H.R. 3548 which extended 
     the homebuyer tax credit was supported by both sides of the 
     isle on November 5, 2009 by a vote of 403-12. This provision 
     was pushed by both Republicans and Democrats who wanted it 
     extended to April. Therefore, ensuring the tax credit can he 
     administered efficiently and fairly is shared by both 
     parties. As you consider additional measures to strengthen 
     the economy and support job growth we urge to support a fix 
     to the homebuyer tax credit.
           Sincerely,
         Joe Courtney; Shelley Berkley; Bob Filner; Solomon P. 
           Ortiz; Maurice D. Hinchey; Rosa DeLauro; Ike Skelton; 
           Carol Shea-Porter; Kathy Dahlkemper; John Boozman; John 
           J. Duncan, Jr.; Jerry Moran; Sanford D. Bishop, Jr.; 
           Paul Tonko; Gene Taylor; Lincoln Davis; Ileana Ros-
           Lehtinen; Kathy Castor; Eddie Bernice Johnson; Nick 
           Rahall; Madeleine Z. Bordallo; Jim Costa; Frank 
           Pallone, Jr.; Timothy Bishop; Dean Heller; Chris Van 
           Hollen; John Boccieri; Ron Paul; Larry Kissell; Dan 
           Burton; Dina Titus; Thomas S.P. Perriello; Michael E. 
           McMahon; John Adler; Baron P. Hill; Dennis Cardoza; 
           Marcy Kaptur; Vernon J. Ehlers; Mike McIntyre; Lloyd 
           Doggett; John Spratt; Brad Ellsworth; Alcee L. 
           Hastings; Daniel Maffei; Betty Sutton; Bobby Bright; 
           Leonard L. Boswell; Donald A. Manzullo; Bruce L. 
           Braley; Steve Israel; Jerry McNerney; Ruben Hinojosa; 
           Thomas Rooney; Phil Hare; Timothy J. Walz; Harry E. 
           Mitchell; Suzanne M. Kosmas; Ander Crenshaw; Deborah L. 
           Halvorson; Bill Foster; Paul E. Kanjorski; Henry E. 
           Brown, Jr.; Patrick J. Murphy; Nita M. Lowey; Edolphus 
           Towns; Howard L. Berman; John Barrow; Brad Sherman; 
           Steve Kagen; Russ Carnahan; Joe Wilson; Henry Cuellar; 
           Gerald E. Connolly; Dave Loebsack; Walter B. Jones; 
           Pete Stark.

  Mr. GARY G. MILLER of California. I yield myself the balance of my 
time.
  As I said, owning a home is a fundamental part of the American Dream,

[[Page 11356]]

and I have been honored to introduce this resolution, I think, for the 
past 12 years. It is a fundamental part, but that doesn't mean that 
everybody necessarily is in a position to own a home at a given time. 
And that's something people need to strive for in their lives and look 
for in the future.
  And if you look at the situation--and my colleague was talking about 
FHA--FHA, Freddie, and Fannie are providing about 92 percent of all the 
loans in this country. If it were not for that, people in this country 
could not buy or sell a home basically because there is not liquidity 
in the marketplace to deal with it other than the GSEs.
  But at the same time, we need to understand that underwriting 
standards for FHA, Freddie, and Fannie need to be very solid, thereby 
not putting any of the agencies or the taxpayers at risk. I think FHA 
has done a good job recently increasing their underwriting standards, 
requiring people to be in a better position to be able to repay their 
mortgages, and this is essential.
  The National Association of Realtors is strongly behind this 
resolution. Although this is a statement that Congress is making, it 
doesn't require any action, it's a significant statement. It's being 
made on behalf of the American people who believe they want to own a 
home, they have a right to own a home, and if they are in a position to 
do that, we are encouraging that.
  The Realtors say that 5\1/2\ million taxpayers depend on the NFIP to 
protect them from flooding. We are going to deal with that in the next 
bill. They also came and supported the resolution we are putting before 
us today. So there are two resolutions in a row that are very important 
to home ownership in this debate today. The one we have before us is 
the concept that people should have a right to own a home.
  With that, I yield back the balance of my time, and I ask for an 
``aye'' vote on this resolution.
  Ms. JACKSON LEE of Texas. Mr. Speaker, I rise in support of H. Res. 
1434 to recognize National Homeownership Month and the importance of 
homeownership in America. As you know, homeownership is an important 
portion of our economy and a central piece of American culture that 
lies within the idea of the ``American Dream''.
  The idea of homeownership being central to the ``American Dream'' has 
a long history. Some believe that its roots date all the way back to 
1776, where in the Declaration of Independence, Jefferson stated that 
all men have the right to ``life, liberty, and the pursuit of 
happiness.'' In American culture, home ownership is often used as a 
proxy for the promised prosperity that was to be included in the 
interpretation of ``liberty'' and ``happiness.'' In 1931, James Truslow 
Adams invented the term ``American Dream'' and used it to exemplify the 
idea that with enough hard work, anyone can achieve what they desire in 
life. For many Americans, homeownership is a central aspiration and the 
key to happiness and prosperity.
  Our great nation has long supported this theme in American culture. 
In response to the Great Depression and a failing housing industry, the 
U.S. government created the Federal Housing Administration in 1934. The 
FHA then became a part of the Department of Housing and Urban 
Development office in 1965. Together, the mission of these 
organizations is to create strong, sustainable, inclusive communities 
and quality affordable homes for all. Since its inception in 1934, the 
FHA and HUD have insured over 34 million home mortgages and 47,205 
multifamily project mortgages. In the 1920s only about 4 out of 10 
homes were owned. Thanks to the work of the FHA the homeownership rate 
in America is now upwards of 66%. FHA insurance has been especially 
important for minority communities, low-income families, and first-time 
homebuyers.
  Mr. Speaker, homeownership does not only serve as a centralized 
American idea, but also as a fundamental source of growing capital and 
investment for the American people and economy. The purchase of a home 
is one of the biggest investments one can make. It strengthens both a 
homeowner's individual economic growth as well as the local communities 
as the effects of a growing housing market will trickle down in the 
form of jobs, building suppliers, tax bases, schools, and other 3 forms 
of revenue. Until recently, the U.S. gross domestic product has always 
been very closely tied to the total American housing valuation. Housing 
is a form of wealth that increases American consumption and the growth 
of the economy.
  With consideration to the significance of homeownership in America, 
the House recently passed H.R. 5072, the FHA Reform Act of 2010. This 
act will serve to crack down on fraud and misrepresentation from 
lenders, improve the FHA's internal controls and risk management, and 
provide more transparency and information to the public. This act is 
crucial to the future growth of the American housing industry, and it 
signifies the congressional recognition of the extreme importance of 
homeownership in our economy.
  For these reasons, Mr. Speaker, I rise in support of H. Res. 1434 to 
recognize National Homeownership month and give praise to home owners 
in America.
  Ms. EDDIE BERNICE JOHNSON of Texas. Mr. Speaker, I rise in strong 
support of National Homeownership Month. This month marks the 42nd 
anniversary of the landmark 1968 Fair Housing Act which opened the 
dialogue of equal homeowner opportunities and growth. National 
Homeownership Month continues its same principles by promoting the very 
core of American values of fairness, opportunity, and growth.
  National Homeownership Month reflects the importance of homeownership 
and the American dream. For most Americans, owning their own home will 
be their largest and most significant financial investment. It 
represents security, builds neighborhood pride, and is essential in 
creating positive productive communities.
  National Homeownership Month reaffirms the importance of 
homeownership in the Nation's economy and its central role in our 
national economic recovery. Home affordability and financial education 
is the key to overcoming the housing crisis and promote good housing 
practices and policies. Financial education not only directly benefits 
American families, but, in turn, helps to ensure a robust and strong 
economy.
  Mr. Speaker, it is vital that we continue to empower people of all 
races, economic status, and backgrounds who desire to own their own 
home. It is a valuable stabilizer for both families and communities.
  Mr. DAVIS of Illinois. Mr. Speaker, I would like to express my 
support and recognition of National Homeownership Month and the 
importance of owning a home. Homeownership is a signifying mark of hard 
work and informed decisionmaking. Therefore it is in the interest of us 
all to ensure that our decisions about homeownership are informed.
  During National Homeownership Month, there is an emphasis placed on 
the importance of providing first time home buyers and those who have 
acquired home information that is imperative to them making informed 
decisions. In light of the current economic recession, it is crucial 
that information of this nature is provided to the people in an effort 
to revive the economy.
  The recognition of National Homeownership Month is especially 
important as it pertains to my constituents. In the 7th Congressional 
District of Illinois, the community of North Lawndale has real estate 
values estimated at six figures, the median income of the people that 
live there is estimated to be five figures, and there have been over 
200 foreclosures as of June 16, 2010. I firmly believe that the 
foreclosure of those homes could have been prevented had the 
constituents been informed and privy to the information necessary to 
make the best decision for themselves and their families.
  It is also important to recognize the importance of owning a home 
given the social and familial ties that are associated with and can be 
cultivated by homeownership. Homeownership is essential to building the 
foundations of longstanding social networks. It is imperative that 
there is stability in the society for the purpose of cultivating and 
expanding the social networks we develop into meaningful relationships 
aimed at making substantial change through these relationships.
  Ms. KOSMAS. Mr. Speaker, I have no further requests for time, and I 
yield back the balance of my time.
  The SPEAKER pro tempore. The question is on the motion offered by the 
gentlewoman from Florida (Ms. Kosmas) that the House suspend the rules 
and agree to the resolution, H. Res. 1434.
  The question was taken.
  The SPEAKER pro tempore. In the opinion of the Chair, two-thirds 
being in the affirmative, the ayes have it.
  Ms. KOSMAS. Mr. Speaker, on that I demand the yeas and nays.
  The yeas and nays were ordered.
  The SPEAKER pro tempore. Pursuant to clause 8 of rule XX and the 
Chair's prior announcement, further proceedings on this motion will be 
postponed.

[[Page 11357]]



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