Barney Frank: “I do agree, as the gentleman from Texas has said, that this is an issue that ought to be addressed in the authorizing…”

“I do agree, as the gentleman from Texas has said, that this is an issue that ought to be addressed in the authorizing committee. The fact is we have a situation in which multifamily programs of the Federal Housing Administration were shut down because they said they needed $40 million more in credit subsidy, while the totality of programs in the FHA were returning many times that to the Treasury, and the analogy of the gentleman from Texas about the SEC was appropriate. So I hope the Subcommittee on Housing and Community Opportunity will address this. Getting the FHA out of the business of making a profit is a very simple and straightforward way to reduce the cost of housing, multifamily, single family, across the board. That is up to the authorizing committee.”