Political Quotes

“Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise to support H.R. 1395, the Housing Financial Literacy Act, a bipartisan bill authored by Representative Beatty who is the chairwoman of the Subcommittee on Diversity and Inclusion. The bill is also cosponsored by Representative Stivers. This bill would incentivize prospective home buyers to undergo housing counseling by offering a discount on FHA-backed mortgages for doing so. Research has consistently demonstrated that loans made to borrowers who have received pre-purchase counseling perform better than loans made to comparable borrowers who did not receive pre-purchase counseling on their mortgage. When borrowers are able to stay current on their mortgage payments, lenders save money too. A 2013 study by Freddie Mac found that when 90- day delinquencies were lowered by 29 percent, lenders saved an average of $1,000 per loan. So this bill would not only benefit consumers during an environment of historically low mortgage rates, it would also help further improve the financial health of the FHA. Madam Speaker, I thank Representative Beatty for her leadership on this commonsense, data-driven bill. I urge my colleagues to vote ``yes'' on H.R. 1395, and I reserve the balance of my time. Mr. McHENRY. Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I want to thank the gentlewoman from Ohio (Mrs. Beatty) for all of her hard work on H.R.…”