Richard Shelby actually said...

"Based on current projections and absent any catastrophic home price decline, FHA will not need to ask Congress and the American taxpayer for extraordinary assistance. There is no need for any 'bailout..."

"Given the undeniable role that the housing market played in the economic crisis, the Committee, I believe, must continue to monitor this significant sector."

"I think this is an important point. Ensuring proper underwriting standards and not exposing consumers to mortgages they cannot afford, cannot pay, that does not provide home ownership."

"That is crazy."