Barney Frank: “First, let me address the wholly contradictory argument of the gentleman from Texas (Mr. Neugebauer). We have heard on…”

“First, let me address the wholly contradictory argument of the gentleman from Texas (Mr. Neugebauer). We have heard on the other side, through the eagerness to just say negative things, two entirely contradictory things: one, that this is too lavish a subsidy to the homeowner and, two, that it will further indebt the homeowner. Members do understand that they cannot possibly both be true. In fact, there is a significant element of subsidy here, and those who take this money and who pay off their mortgages will get a subsidy so they will not be further in debt. The argument just made by the gentleman from Texas (Mr. Neugebauer) is wholly without basis. The argument that it is a more generous subsidy is a more accurate one. By the way, even if they were to pay it back, avoiding late fees and interest helps them out.”