Political Quotes

“I rise to oppose the creation of the National Affordable Housing Trust Fund. While I share Chairman Frank's goal of increasing the amount of available affordable housing, I do not think that H.R. 2895 is the right way to do it. First, let's look at how the trust fund is financed. Thanks to self-defeating provisions in both the GSE reform and the FHA reauthorization bills, low- and middle-income Americans, including the elderly, are going to pay for it. It is estimated that Fannie Mae and Freddie Mac, two entities that purchase or securitize almost 80 percent of American families' mortgages, will be taxed at more than $3 billion over a 5-year period to pay for the trust fund. As publicly traded companies, accountable to their shareholders, Fannie Mae and Freddie Mac will inevitably pass along these new assessments to their customers. America's low- and middle-income homeowners will be footing the bill. That is not a good plan. It amounts to a mortgage tax on these hard-working, low- and middle-income Americans seeking to secure, maintain or refinance their home mortgages. In short, it is robbing Peter to house Paul.”