Political Quotes

“I rise to speak on the housing bill before this body now and to speak about an important omission from the managers' amendment that is before the Senate. This is just one piece, one narrow issue, but it is an important one that will affect many folks in the housing market and throughout America. I am talking about the need to provide a transition period for the implementation of the new GSE regulatory structure in the bill. A large part of this legislation on housing recovery is devoted to GSE regulatory reform. GSE means 'government-sponsored enterprises'-- regulatory reform regarding those entities. This is a huge undertaking, with wide-reaching consequences for the mortgage and housing industries and our economy generally. This GSE reform title would combine the regulatory authority and personnel of three distinct agencies--HUD, the FHLB, and the OFHEO--to create an entirely new GSE supervisor with broad, far-reaching powers over this $3 trillion part of our economy, the housing finance system.”