Political Quotes

“Everybody needs to understand a little history here, all right? This program was put first in place in 1975. I was 6; all right? This vital program has been in existence since 1975. I understand some of my colleagues on the other side of the aisle may have been here for either the creation or shortly thereafter, but this vital program for 36 years remained unused, unfunded, and ineffective because it didn't exist. Now we hear that it's a vital program. We hear that we cannot continue to protect the homeowners of America without this program. It is absolutely nonsensical that we are going to put people further in debt and call that helping them. Here is what happened the last time government started going in and demanding that credit be eased and all these other things. And I have some experience in this. I was a former Realtor, licensed Realtor in Michigan. I can also tell you I have done housing development. My family is involved in construction. It used to be, not that long ago, it used to be that you either had to own your lot or you had to have 20 percent down to go get a mortgage and a loan. Well, that 20 percent quickly became 15 percent, which quickly became 10 percent, which became 7, which became 5, which became 2 percent, which became zero down, which became 120 percent loan-to-value because we needed to get people in homes. Well, that was not because the private sector and the free market was dictating that.”