[Congressional Record (Bound Edition), Volume 161 (2015), Part 11]
[House]
[Page 15822]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       HOMEBUYERS ASSISTANCE ACT

  (Ms. FOXX asked and was given permission to address the House for 1 
minute.)
  Ms. FOXX. Mr. Speaker, on October 3, the Consumer Financial 
Protection Bureau implemented a new rule to streamline disclosure 
requirements during the home buying process.
  Helping consumers better understand their mortgage terms is a worthy 
goal. No one is arguing that. However, this rule makes considerable 
changes to the forms used by consumers when applying for a loan, and 
anyone with sense can see that will lead to unforeseen issues. That 
means American home buyers will have less flexibility to buy and close 
on a home on their terms in the coming months.
  Fortunately, this week the House will consider the Homebuyers 
Assistance Act, which creates a temporary safe harbor from enforcement 
of this new rule as long as a good faith effort was made to comply. The 
legislation will give the CFPB the necessary time to address 
implementation hurdles with stakeholders. It is the right move for 
America's housing recovery.

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