Lloyd Bentsen: “I appreciate that, but nonetheless we have heard a number of colleagues say we have to deal with priorities here. Well…”

“I appreciate that, but nonetheless we have heard a number of colleagues say we have to deal with priorities here. Well, we seem to lose those priorities when it came down to concrete and cement and all that we were going to do. Now there are issues related to the highway bill, budget and things like that. But here is the problem as I see it with this particular amendment: I appreciate what the gentleman from Oklahoma is trying to achieve with respect to veterans health care. However I am afraid that his amendment unintentionally, I believe, would tamper with what is otherwise a very successful Federal housing program and put the government at greater risk and, thus, the taxpayers at greater risk of default. Now it is my understanding that the reason why the discretionary appropriation is in here is part of FHA's responsibility to meet the Fair Credit Reform Act of, I think, 1990 which requires all government credit-type agencies, including FHA where we guarantee mortgage loans that are outstanding, that we have adequate reserves and adequate servicing and management of those portfolios. To not allow the FHA by taking away their funds to adequately manage the single family mortgage portfolio that they have would ultimately put at risk the triple-A-triple-A credit standard of that portfolio.”