Maxine Waters: “I appreciate Mr. Cardoza's amendment so much because it does have an important impact on high-cost markets like our home…”

“I appreciate Mr. Cardoza's amendment so much because it does have an important impact on high-cost markets like our home State of California. The FHA statute creates an artificial cap on the maximum home price, meaning that FHA does almost no loan business in certain high-cost markets. Now, this will put FHA back in the business of insuring loans in high-cost areas, not only in California, New York, Connecticut, Massachusetts, and other areas with a limited FHA presence. This amendment also puts FHA in a better position to help subprime borrowers and address temporary dislocations. Even before the recent mortgage crisis developed, there was a bipartisan consensus shared by the administration that reformed H.R. 1852 would help get FHA back in the business of making loans at good terms and conditions to borrowers that turned to predatory loans in recent years. This amendment expands the extent to which this objective can be achieved. This is absolutely a great amendment, and I support it.”