[Weekly Compilation of Presidential Documents Volume 42, Number 30 (Monday, July 31, 2006)]
[Page 1391]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on House of Representatives Action on the ``Expanding American 
Homeownership Act of 2006''

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.