Political Quotes

“Madam Speaker, I move to suspend the rules and pass the bill (H.R. 1532) to require a review of the effects of FHA mortgage insurance policies, practices, and products on small-dollar mortgage lending, and for other purposes. The Clerk read the title of the bill. The text of the bill is as follows: H.R. 1532 Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Improving FHA Support for Small-Dollar Mortgages Act of 2021''. SEC. 2. REVIEW OF FHA SMALL-DOLLAR MORTGAGE PRACTICES. (a) Congressional Findings.--The Congress finds that-- (1) affordable homeownership opportunities are being hindered due to the lack of financing available for home purchases under $70,000; (2) according to the Urban Institute, small-dollar mortgage loan applications in 2017 were denied by lenders at double the rate of denial for large mortgage loans, and this difference in denial rates cannot be fully explained by differences in the applicants' credit profiles; (3) according to data compiled by Attom Data solutions, small-dollar mortgage originations have decreased 38 percent since 2009, while there has been a 65-percent increase in origination of mortgages for more than $150,000; (4) the FHA's mission is to serve creditworthy borrowers who are underserved and, according to the Urban Institute, the FHA serves 24 percent of the overall market, but only 19 percent of the small-dollar mortgage…”