Political Quotes

“Mr. Chairman, President Ronald Reagan famously said--with tongue in cheek, no doubt--that the closest thing to eternal life on this Earth is a Federal Government program. I rise today in support of H.R. 830, legislation offered by my friend from Illinois (Mr. Dold). At the risk of disproving the late President's axiom, let me just say that H.R. 830 will demonstrate that Congress does have the good sense, the fortitude, and the wherewithal to bring an end to a Federal program, especially one that is not working. The program in question is the FHA Refinancing Program, which was authorized under the broadest of provisions in the TARP legislation back in 2008. In 2010, the program was conceived in haste, enacted with no vote in Congress, and was designed to augment another failed program, the Making Homes Affordable Program, or HAMP, which has done more harm than good. Under the FHA Refinancing Program, the FHA is directed to use TARP funds to refinance mortgages that are current but underwater. Its record has been abysmal, with the FHA Commissioner stating during our hearing last month: "As of February 11, 44 loans have been endorsed." Where else but in Washington would it be a good idea to obligate $8 billion in taxpayer funds and disburse $50 million of those dollars?”