Jeb Hensarling: “Because the gentleman from Texas is a friend--and you hear Members say that frequently, but in this case it is as…”

“Because the gentleman from Texas is a friend--and you hear Members say that frequently, but in this case it is as sincere as it can be--the committee has attempted to work with the gentleman from Texas. Both sides worked in good faith. Regrettably, we did not come to a point of mutual agreement on the resolution of his amendment, so I am going to oppose it at this time. The amendment would essentially provide a reauthorization of a program that the Obama administration even believed was too risky to establish because they had years to establish it and they chose not to. I appreciate the effort. I appreciate the sincerity of the gentleman from Texas. I understand what he is trying to do. But I also fear that, ultimately, the impact of what the gentleman is trying to do very well could help hasten the insolvency and bankruptcy of the FHA, hurting their financials. I am happy that the FHA, after 7 years, has finally decided to actually obey the law, but I am not sure that the program that the gentleman from Texas is advocating could not put further pressure on FHA's insurance fund, ultimately hurting those it is designed to help. I would say again that, regardless of one's good intentions, I am still very, very fearful of pilot programs' mays and shalls that somehow get the political process involved in telling lenders, or cajoling lenders, or suggesting to lenders what credit standards they should use.…”