Political Quotes

“I yield myself such time as I may consume. The rule provides for consideration of House bill 5072, the FHA Reform Act of 2010. It is a structured rule which makes in order 13 amendments. The rule waives all points of order against the bill except those arising under clause 9 and 10 of rule XXI. It further considers the amendment in the nature of a substitute from the Financial Services Committee be considered as read. Finally, the rule provides authority to the Speaker to entertain motions to suspend the rules on Thursday and Friday of this week. Madam Speaker, H.R. 5072, the Federal Housing Administration Reform Act of 2010, provides FHA with the necessary tools to strengthen its mortgage insurance program and overall financial position. The collapse of the private sector in the wake of the financial crisis left a large void in the housing market. Banks didn't have the capital to lend, so potential home buyers were left out in the cold. FHA played a critical role in filling this void, providing a much-needed catalyst to the real estate industry, which was left reeling from the subprime debacle. This preserved hundreds of thousands of jobs in the real estate industry. As a result of taking on a more prominent role, FHA's market share increased from about 4 percent to now more than 30 percent of total purchases, 88 percent of which are first-time home buyers. This bill makes several necessary reforms which will make it more efficient and accountable.…”