Lee Metcalf: “I rise in support of H.R. 3899. H.R. 3899 provides greater opportunities for homeownership by increasing the FHA…”

“I rise in support of H.R. 3899. H.R. 3899 provides greater opportunities for homeownership by increasing the FHA adjustable rate mortgages, the ARMs, while protecting the FHA program. The Secretary of HUD will have the discretion to increase the number of ARMs to make homeownership a reality for more people. This is a very popular program, especially when interest rates are low. I want to thank my colleague the gentleman from California (Mr. Campbell) for his leadership in reducing Federal barriers to homeownership. His provisions are included in this legislation. For the past 3 years Congress has transferred decisions and responsibilities to local communities. This process, however, is not simply about giving local communities funds through block grants, it is equally important to provide communities the flexibility from Federal mandates and regulations. Much of this can be achieved by identifying government imposed barriers and their impact on the cost and supply of housing. Lastly, this legislation creates a consensus committee for developing standards in the manufacturing housing industry. Manufactured housing is often underutilized, but is a very feasible opportunity for increasing homeownership, especially for first time home buyers. Today we take a step forward in helping make homeownership a reality for more people.”