David Obey: “Let me simply say that this rule should be defeated for a number of reasons. First of all because it adds, against the…”

“Let me simply say that this rule should be defeated for a number of reasons. First of all because it adds, against the opposition of the committee that is supposed to handle the bill, it adds a 300-page nongermane housing authorization bill, which is highly controversial, to legislation which had been fairly well worked out with respect to other issues. Secondly, it does not protect from being stricken on a point of order a very important provision that was added by the committee which would strengthen people's ability to buy homes in this country. Because of the strange nature of this rule, there will be cuts in the amounts that homeowners can borrow from FHA to finance a home purchase from $109,000 to $86,000. That will have the effect of knocking 30,000 families out of the ability to buy a home with FHA help this year. And we simply should not be doing that. I do not think homeowners will agree with them. I do not think that realtors, who have to work to put people in homes, will agree with them. I do not think home builders will agree with them either.”