Austin Scott: “Not just yet. This is just, again, a program designed to help very, very poor people. And you are willing to bring down…”

“Not just yet. This is just, again, a program designed to help very, very poor people. And you are willing to bring down the whole housing finance system just to get at it. Because this amendment would require a drastic reduction in the enterprise's portfolio holdings and subject them to micromanagement by the regulator. And the amendment would require a drastic reduction in the GSE's portfolios, which, in effect, reduces the access to competitive financing options from community banks and their home buying customers. This is a far-reaching, devastating amendment and must be rejected.”