John Ensign: “That is absolutely incorrect. The mortgage interest we target is between 4 and 4.5 percent. Right now in the market, it…”

“That is absolutely incorrect. The mortgage interest we target is between 4 and 4.5 percent. Right now in the market, it would be between 4 and 4.5 percent. We capped the program at $300 billion. It is impossible to do what the Senator from New York said because we put a cap on it. It could cost no more than that. The Treasury cannot authorize any more than that. Regarding the second untruth he just spoke--this amendment is not just for millionaires. These are for homes that are not above the conforming loan limit, so it is no home over $729,000. Only homes under that would qualify for it. We have over 600 organizations that build homes in this country-- plumbers, cabinetmakers, homebuilders, and everything else--that support this amendment. This amendment will get the housing industry going in the country. And it is not just about lowering interest rates--another untruth said by the Senator from New York. We also do foreclosure mitigation because we help modify loans for those homes that are underwater right now. There are tax credits for businesses to get the economy going. We fix housing first, and then we get the economy going. I urge a ``yea'' vote on this amendment.”