On the recordMarch 29, 2011
The number of over 2 million delinquent mortgages in the United States is the range of people that could be eligible, who could apply for the program, but not all of them would qualify. You have to reach certain standards to qualify to enter the program. So this is the range of the people who could be helped. The difficulty with my Republican colleagues is that they have no alternative. They're abolishing a program without coming forward with any idea to help themselves. As Mark Zandi said in his recent report, housing remains fragile in America. And housing is roughly 25 percent of our economy. So to the extent that we can help people stay in their homes, thereby not only helping that family but helping their community and helping their country, helping to stabilize the housing prices around that house so it doesn't become delinquent and abandoned, pulling down the values in the communities, this is an important program. And it should be continued. It's no taxpayer dollars used. It's from the TARP program, funded by the banks. This is an effort to help the overall economy. The Acting CHAIR (Mr. Womack). The time of the gentlewoman from New York has expired. Mr. McHENRY. Mr. Chairman, in closing, I would quote from page 17 of the dissenting views of the Financial Services Committee Democrats, of which my colleague, Mrs. Maloney, signed on.…
