Political Quotes

“there are 28 States here. Believe me when I say, if we stick with the lower limits, a lot of people are not going to get the benefit. We are talking really about 97 million Americans who would be adversely impacted by the fact that we did not have a higher limit here. In California, 21 million people--more than half the State's population--live in 1 of 14 counties that have a median price so high, they do qualify for the higher $729,000 loan limits. So I say to my friend, Senator Shelby, please remember that borrowers in his State will have access to affordable mortgages, for loans well over 300 percent above the median home price. So Senator Shelby's State is taken care of. But the States on this list, including California, Connecticut, Florida, Georgia, Hawaii, and Massachusetts--I could read this list--they are going to be in trouble with these lower limits. Again, my State has 11 of the top 20 metropolitan areas in the country with the most foreclosure filings. Going back to this chart, I want to show Senator Dodd what has happened here. We just keep going up in foreclosures. Now 1 in every 183 households has received a foreclosure notice in California. This is very serious. That is just in May. This is why I am so pleased, I say to Senator Dodd, you and Senator Shelby were able to get as far as you did get. And you did get pretty far. You are doing some very important work here. The dream of home ownership exists in every corner of America.”