Political Quotes

“Ladies and gentlemen, this amendment fights foreclosures by limiting payment of the FHA insurance claims in cases in which borrowers have not been through the full FHA loss mitigation process. Our Nation's foreclosure crisis is not only an economic calamity, but it is also a social and public health calamity as well. While we all know that foreclosures cause downward spirals in property values and tax revenue, new research has shined a light on foreclosures as a cause of massive and debilitating anxiety and illness. According to a recent study in the American Journal of Public Health, foreclosures have even been a likely cause of an increase in suicides in America. I offer this amendment today to help end the terrible scourge of foreclosures. When the Nation's largest banks--Bank of America, Wells Fargo, and Chase--sell delinquent FHA-insured loans into the Distressed Asset Stabilization Program, HUD pays them the outstanding balance of the loan. Only the loans that have fully complied with HUD's foreclosure provision and loss mitigation requirements are supposed to be sold through the Distressed Asset Stabilization Program. Yet, many of the loans banks are selling through the program have not met this standard. I with great pleasure yield to the gentleman from Pennsylvania (Mr. Cartwright).”