Don Nickles: “Let me just conclude by stating that I regret coming in and opposing my friends and colleagues from Missouri and…”

“Let me just conclude by stating that I regret coming in and opposing my friends and colleagues from Missouri and Maryland on this issue. But if my memory serves, several years ago the Senator from Maryland and I wrestled with this issue on the floor of the Senate. At that time there was an effort for people to raise the limits. I said, ``Wait a minute. Why are we having the Federal Government guaranteeing more and more loans?'' Home ownership, I might mention, in this country is at an all-time high. I think that is great. Most of that is done in the private sector. It just so happens FHA is losing its percentage share as the private sector has exploded. I think that is good. I think this increase is an effort by the Secretary of Housing to say, ``Wait a minute. We want the Federal Government to be making more loans.'' I also think it is also driven by a desire to generate more money for the Government. Because as you increase the loan limits, you increase the fees, and so on, and that allows the Government to spend more money.”