Jeb Hensarling: “I certainly salute the gentleman for his service to our country in uniform and for his service to our country in…”

“I certainly salute the gentleman for his service to our country in uniform and for his service to our country in Congress. Although I applaud his service, I do not applaud what he is bringing before the House in this motion to recommit, because what his motion to recommit will do, regardless of what he says it will do, is hurt veterans. It will hurt their homeownership opportunities. I don't know if the gentleman was on the floor when I shared with the House correspondence from just two community financial institutions that were saying that they can't make mortgage loans anymore under this QM rule. We know for a fact that, when fully implemented, 20 percent of the people who qualified for mortgages just 5 years ago--after the financial crisis--would no longer qualify, many of them veterans. We know the Federal Reserve has said that, when the QM rule is fully functional, one-third of all Blacks and Hispanics, many of them veterans, will not be able to qualify for mortgages. Again, it is why so many in the industry are calling ``QM'' not ``qualified mortgage,'' Mr. Speaker, but ``quitting mortgages.'' We don't want banks and credit unions to be quitting on mortgages for our brave men and women in uniform. They deserve the same homeownership opportunities. Frankly, they deserve better homeownership opportunities than the rest of the population.…”