Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 5931, the Improving FHA Support for Small Dollar Mortgages Act. Studies suggest that borrowers of small dollar mortgages, those amounts under $70,000, may be disproportionately denied when compared to loans of higher amounts, even when the credit profiles of the borrowers are similar. Specifically, the Urban Institute reports that, in 2015, roughly 25 percent of homes purchased for $70,000 or less were financed with a mortgage compared to 80 percent of houses worth between $70,000 and $150,000. If there is such a disproportionate amount of denials, this could be an issue for families in my district and many others who are trying to buy a first home, particularly in our rural communities across our country. H.R. 5931 is a bipartisan bill sponsored by Representative Clay of Missouri and Representative Stivers of Ohio and was reported to the House by the House Financial Services Committee last week. This bill seeks to better understand what is happening in small dollar mortgage lending. This bill asks the fundamental question: Are there borrowers who otherwise qualify for a mortgage who are being left out of the market as an unintended consequence of FHA's own rules and regulations? After all, the FHA mission is to serve creditworthy borrowers without bias, no matter what the loan size is.…”