    [Public Papers of the Presidents of the United States: George W. Bush (2006, Book II)]
    [July 26, 2006]
    [Pages 1447-1448]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on House of Representatives Passage of Legislation Expanding
    American Homeownership
    July 26, 2006

        I am pleased the House passed the ``Expanding American Homeownership
    Act of 2006.''
        The Federal Housing Administration has helped millions of Americans
    become homeowners in communities throughout our country. I appreciate
    the House's efforts to modernize this important program to ensure that
    it reflects the demands of today's marketplace and addresses the current
    needs of potential home buyers. By providing the FHA with increased
    flexibility for mortgage downpayment requirements and the authority to
    tailor financing to suit a family's unique situation, this bill will
    improve FHA's ability to help lower and moderate-income families achieve
    the American Dream.
        I encourage the Senate to join the House and pass this critical
    legislation.

    Note: The statement referred to H.R. 5121.

    [[Page 1448]]