Spencer Bachus: “What we're doing here is we're taking money to fund this large expansion of Federal housing, we're not taking it from…”

“What we're doing here is we're taking money to fund this large expansion of Federal housing, we're not taking it from the 30 existing programs that specifically address low-income housing, elderly, disabled, AIDS, senior citizens. We're taking it from FHA and from the GSEs which actually that money presently today promotes an affordable mortgage for all Americans. So we're taking from low-income, middle-income Americans, we're taking from programs which promote affordable housing for them, and we're transferring it to other Americans. In doing it, we're not reforming. There are 80-something programs. The gentleman had said how many programs, are there 80 or 30. There's 80 housing programs, 34 of which specifically address low-income Americans.”