Jim Matheson: “I really would like to first thank Chairman Frank and Ranking Member Bachus for their help in moving ahead with this…”

“I really would like to first thank Chairman Frank and Ranking Member Bachus for their help in moving ahead with this bill. I am pleased to have worked with the Financial Services Committee on this legislation, and I appreciate leadership's prompt scheduling of this bill today for consideration. I would also like to thank some of the Financial Services Committee members who have worked with me on this legislation, including Congresswoman Ginny Brown-Waite of Florida who introduced the bill with me. It is a good, bipartisan bill. There are many members of the committee who have cosponsored the bill, including Chairman Frank, Ranking Member Bachus, Chairwoman Waters and Ranking Member Biggert, members Geoff Davis and Gary Miller. I want to thank the staff of the Financial Services Committee as well. They have been very helpful in moving this legislation along. It will temporarily lift the statutory limitation, or cap, on the number of home equity conversion mortgages that the FHA may insure. The current limit right now is at 275,000 HECM mortgages, and it is important we are considering this legislation right now because we are approaching that limit.”