Political Quotes

“Mr. Speaker, I would like to thank my colleague, Mr. Kanjorski, for his good, solid work on this bill. We have worked well together on H.R. 5017, and I think we see the results of that work together here today on the floor. This legislation extends the USDA 502 loan guarantee program. This program is a very important homeownership tool for many rural Americans, many of whom live in my State of West Virginia, providing a loan guarantee on privately issued loans. The 502 program has a very low default rate. Over the last few years, demand for the program has increased, and consequently loan commitment authority for the 502 program will be exhausted. Without swift action, borrowers who rely on this program will run out of options for affordable home loans. Last week, I offered an amendment during the markup of H.R. 5017 in the Financial Services Committee that provides the 502 program with additional loan commitment authority and makes an important improvement to the program. In order to make the program self-sufficient, we are raising the guaranteed fee up to 4 percent, granting the Secretary the authority to choose the appropriate level. This ensures that the program will no longer be reliant on taxpayer funds to build capital reserves, a welcome part of the 502 program.…”