Blake Moore: “I always enjoy the chairman of the Financial Services Committee and his lavish explanations. I just want to clear up…”

“I always enjoy the chairman of the Financial Services Committee and his lavish explanations. I just want to clear up some of the confusion and bewilderment that he seems to be under with regard to minority and Latin borrowers. He has said over and over and over again, he has talked about and referred to the Qualified Mortgage standards under the new rules. The new standards have just taken place, and I think that minorities will find that 95 percent of the mortgages today will fall within the Qualified Mortgage standards. Now having said that, I will just say that the chairman should look at something other than the PATH Act toward restoring the GSEs, if he is very concerned about minorities, and I would join him in that to be able to get mortgages. I would say that to clear up his bewilderment here, I just want to congratulate the Consumer Financial Protection Bureau because it is a fact that they have supported the refund of $3 billion to 9.7 million victims of unfair practices. I agree with him: the purpose of this bill and the reason that they won't accept this amendment is because they don't want to go on record that they support consumers over all of these very, very lucrative financial products that are out there, and they want no regulation, which is why we saw the 2008 meltdown, the no rules of the road.…”