Political Quotes

“Madam Speaker, I yield myself such time as I may consume. Madam Speaker, I rise in support of the bipartisan H.R. 2167, the Reverse Mortgage Stabilization Act of 2013, introduced by our colleagues, Mr. Heck of Washington and Mr. Fitzpatrick of Pennsylvania. H.R. 2167 provides authority to the Secretary of Housing and Urban Development to make administrative and policy changes to the FHA's Home Equity Conversion Mortgage Program through a mortgagee letter rather than the arduous 18-month regulatory process. The bill sets conditions that FHA can only use this new authority when immediate changes are necessary to improve the fiscal safety and soundness of the program. And, Madam Speaker, immediate changes that improve the fiscal safety and soundness of this program are exactly what is needed. In our efforts in this Congress and on the Financial Services Committee to help create a sustainable and competitive housing finance system for Americans, our committee and its Housing and Insurance Subcommittee have held a series of hearings this year on the financial problems at the FHA. In its current form, FHA is most definitely an impediment to a sustainable and competitive housing finance system. Because of this, the Financial Services Committee has been working to examine needed reforms to FHA, reforms that go beyond its fiscal solvency and address serious structural flaws at the FHA.…”