Political Quotes

“Mr. Chairman, I rise in opposition to H.R. 3564, the so- called Middle Class Borrowers Protection Act of 2023. The reason for my position is because this legislation does the exact opposite of what it purports. The reality is this: The Financial Services Committee held a subcommittee hearing on this legislation on May 17, titled: ``Undermining Housing Affordability With Politics.'' My uncle used to say: ``I would kill for a Nobel Peace Prize.'' It is called irony, but that irony did not match the irony of the hearing on housing issues that had been hyper-politicized. In my remarks, I mentioned that stations like FOX News have been providing a narrative of FHFA changes that almost all the experts in the field, and all that I have personally talked to, will tell you is untrue, but the complexity of housing finance lends itself to a lack of understanding. Referring to FHFA pricing changes, which were largely required due to changes in GSE capital requirements and had not been addressed in many years as a socialist scheme, is simply wrong and is transparently political. The committee then marked up legislation in a partisan way, and what was most surprising to me was the number of industry groups who have expressed issues with the politicization of FHFA loan-level price adjustment changes. The FHFA in this process has been willing to provide information to Congress and much more information than would have been received by private entities before conservatorship.…”