Maxine Waters actually said...

Short-term extensions cause lapses in the program that place communities at risk and undermine our housing market.

Together, we worked tirelessly to enact reform that provided much needed rate relief for thousands of homeowners.

I believe that it is absolutely critical that we start thinking about the program and how we can improve it for the long term.

Indeed, it was only 7 short years ago that our economy lost nearly $16 trillion in household wealth.