Michael Bennet: “I congratulate the Senator from Colorado for moving his amendment forward. I am here on a different subject, which is to…”

“I congratulate the Senator from Colorado for moving his amendment forward. I am here on a different subject, which is to discuss an amendment that I submitted with Senator Isakson concerning residential energy efficiency. The so-called SAVE Act has always been thoroughly bipartisan, drawing the support of Senators Isakson, Toomey, Moran, Portman, Boxer, and others, and attracted support from groups all across the political spectrum from the U.S. Chamber of Commerce all the way to the Sierra Club. Our amendment would allow for a home's energy efficiency to be considered when a borrower is applying for a loan by making a simple change to home underwriting and appraisal standards. Specifically, when you apply for a mortgage, you can request under this legislation an energy audit, and if you have a loan that is backed by the FHA, the energy efficiency of your home and your energy bills will be taken into account by your mortgage lender. Without this change, even though homeowners spend more on energy costs than taxes or home insurance, the amount you pay each month for energy is not taken into account. This amendment isn't a mandate. It doesn't require anything. It simply allows mortgage lenders to account for energy costs in the same way they account for taxes and insurance.…”