Michele Bachmann: “promoting homeownership, especially homeownership for low and moderate income families, is a high priority for…”

“promoting homeownership, especially homeownership for low and moderate income families, is a high priority for Republicans in this United States Congress. The GSEs, the Fannie Mae and Freddie Mac, have played a very important part in that goal. We ought to preserve that system, Madam Speaker, we ought to protect that system. However, Congress also has a responsibility to limit the risks that the GSEs pose to the United States taxpayers and their burden to that market. Many of my colleagues have been working for years to enact meaningful reform of the GSEs and their regulator. That's a good thing. But this year's bill goes far beyond improving the safety and the soundness of the GSEs by now taxing those portfolios to create an affordable housing fund. I agree with the Congressional Budget Office, Madam Speaker. This new assessment on the GSEs will be passed along to customers in the form of higher fees. It will raise the cost of purchasing a home or refinancing a mortgage. That is exactly the opposite direction that we want to go. I urge my colleagues to join me in opposing this fund.”