Political Quotes

“I rise today, like so many this morning, to talk about something we refer to by way of acronym. In case someone is just tuning in, when we are talking about FHA, we are talking about the Federal Housing Administration. We are talking about home ownership, the dream of home ownership which is so much a part of the American dream, and today we have an opportunity to pass legislation, a modernization bill for the FHA, which will reform FHA lending programs to make them a more viable alternative for borrowers looking to purchase or to refinance a home. By way of history, back in the depths and the darkness of the Depression in 1934, a single-family FHA mortgage insurance program was created to help spur the housing market and increase home ownership-- just what we are trying to do today in 2007. FHA made the low-downpayment, 30-year fixed-rate loan the standard product of the United States and has traditionally played a role in providing home purchase financing to minority, first-time, and lower income home buyers. This bill does a number of things. First, increasing loan limits. This is so important at this present time to help the middle class of America. Second, this legislation streamlines the borrowing process to make it faster and more efficient.”