James A. Leach: “this, I believe, is a non-controversial bill. It underscores principles critical to the American family--the…”

“this, I believe, is a non-controversial bill. It underscores principles critical to the American family--the desirability of achieving the dream of home ownership for as many Americans as conceivably possible. On this front, there is some good news, and also some challenging circumstances. The good news is that home ownership is going up in America, almost 1 percent in the last 4 years, until today it reaches approximately 66 percent of the American public. The principal reason for this relates to lower interest rates caused by restrained monetary policy and the movement from a deficit to a surplus fiscal policy. It also relates to aspects of tax policy, the importance of quasi-governmental institutions like Fannie Mae and Freddie Mac that have served as extraordinarily helpful intermediaries in housing finance, and to certain housing programs of the Federal Government itself. But what this bill, and it is a small bill, does is simply underscore what are the great principles of American housing, and underscore it in such a way as to make it clear that this Congress is not going to be backed down from those principles, particularly the principle that relates to the interest deduction for home ownership mortgage loans. Mr. Speaker, recognizing that this is an exceptionally modest bill, but also one that relates to a subject very important to the heart of the American people, I would urge its adoption at this time.”