Rob Bishop: “Mr. Speaker, I am also pleased to stand before the House today in support of this rule and the underlying legislation…”

“Mr. Speaker, I am also pleased to stand before the House today in support of this rule and the underlying legislation, H.R. 830, the FHA Refinance Program Termination Act. I appreciate the hard work of the distinguished chairman of the Financial Services Committee, Mr. Bachus, as well as the hard work of the bill's chief sponsor, the gentleman from Illinois (Mr. Dold), in creating this piece of legislation which will help this Congress continue to take concrete steps to rein in the out-of-control Federal mandatory spending. The FHA Refinance Program was originally promoted by the current administration as a way to bail out the so-called underwater borrowers who for whatever reason found themselves in over their heads in personal and mortgage debt and unable to pay their mortgages. The 110th Congress passed TARP, which was enabling legislation for this new program, thereby effectively allowing lenders to transfer high-risk mortgages, through the FHA, onto the backs of taxpayers in the case of likely default.”