On the recordOctober 20, 1992
First place, the first-time homebuyer should be thrilled about my proposal. The way it works is you give a $5,000 credit to the family that's never owned a home before, for the first time. It is hung up, regrettably, in the Democratic Congress. They will not pass it. And it is the best possible thing that you could do. Obviously, the credit that you need to buy on the home has to come from your own full faith in credit, your own standing. But this is a major break for homeowners, and besides that, it would stimulate the economy. Along with building homes goes a lot of other industries that outfit the houses and refrigerators and furniture. And so it really is essential. I'm not sure I fully answered your question, but your credit--this won't help your borrowing. It will help it that you have $5,000 less you'll have to come up with. But it's really stimulative for the housing industry. Is that it? Did I get to it fully? Mr. Nigut. I'm sorry. I'm going to walk right in front of the camera to get you here on that.
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