[Congressional Record (Bound Edition), Volume 160 (2014), Part 1]
[House]
[Pages 127-128]
[From the U.S. 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

[[Page 128]]

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 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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