Political Quotes

“Today I rise to introduce the Transforming Student Debt to Home Equity Act of 2019. My bill would enable graduates current on repayment to renegotiate their student debt into an opportunity to purchase and own a home, which, of course, is an equity-accumulating instrument. With an estimated $1.6 trillion student debt, it is no wonder homeownership rates among young adults have plummeted. Luckily, there is a proven financial instrument already in widespread use that could facilitate a solution: the home mortgage. This common lending tool has the power to incorporate student loan repayments into a means for building equity, not just debt: the home mortgage. This bill directly asks HUD and the Federal Housing Administration to establish a pilot program that connects creditworthy Federal student debt holders with eligible homes by arranging financing that recalculates terms, debt-to-income ratios, interest rates, community reinvestment thresholds, and other factors. Short-term student debt in certain situations could transition into longer-term home mortgage ownership opportunity. Madam Speaker, I urge my colleagues to support this legislation to help unleash the student debt stranglehold on so many in the aspiring generation. ____________________”