[Congressional Record (Bound Edition), Volume 161 (2015), Part 11]
[Extensions of Remarks]
[Page 15989]
[From the U.S. Government Publishing Office, www.gpo.gov]




                          PERSONAL EXPLANATION

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                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                       Thursday, October 8, 2015

  Mr. BLUMENAUER. Mr. Speaker, yesterday, I voted for H.R. 3192, the 
Homebuyers Assistance Act, which will delay enforcement of the Mortgage 
Disclosure Rule until early next year. While I understand concerns 
about this legislation and delaying enforcement, even the Consumer 
Financial Protection Bureau, which drafted this regulation, has delayed 
the rule and acknowledged that further improvements need to be made. 
The Motion to Recommit would refine this legislation by ensuring that 
the path towards legal redress is not blocked for our most vulnerable 
homebuyers like veterans and seniors, which is why I voted for it as 
well as the underlying bill. Going forward, it's my hope that the 
Senate will continue to improve the Homebuyers Assistance Act. The 
underlying objective of securing a more transparent and consumer-
friendly process for home ownership is deeply important. The rule would 
increase transparency for mortgage lenders and reduce confusion for 
homebuyers seeking a mortgage, strengthening critical consumer 
protections. That's why it is necessary to get this right, even it 
takes a few more months.

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