Homebuyers Assistance Act

Floor Speech

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Mr. HUIZENGA of Michigan. Madam Speaker, I rise in support of H.R.
3192.

Madam Speaker, just to reinforce what my colleague from California
was just talking about, this is a period here where we are going to be
moving forward to make sure what the CFPB is doing with its 1,888-
page--sorry, that is me straining trying to pick all that up--rule is
moving forward.

I would ask what is more pro-consumer: moving forward with a
clarified rule that grants certainty to those businesses and those
individuals like Realtors--I am a former Realtor, and mortgage folks
like myself, I used to be in the business--or not doing the deal and
not doing the closing. Because that is what is going to happen. That is
what is going to happen is you are going to see these companies say:
Wait a minute. We are not sure what our legal exposure is here.

Mr. Cordray, the head of the CFPB, has said that he will give a
certain grace and understanding and, I believe the word was
``sensitivity'' to this moving forward. That is not a grace period.
That is not clarity. Anybody who has a lawyer advising them or a CPA or
anybody else who has a fiduciary responsibility to make sure that their
client understands what is happening in the intent would not say that
that is going to stand up in court.

I also know as a former Realtor that the home-buying process, buying
or selling, can be one of the most challenging, confusing, and
stressful times, especially for a first-time home buyer. The three most
stressful points in life are marriage, death, and changing where you
live. That is a very difficult time.

As we are moving forward on this, there often has to be this domino
effect of homes closing to then get that closing settled, to then move
beyond to the next deal, and you will have two, three, four, five,
sometimes five or six homes all lined up, five or six families waiting
for this one closing to happen. What that is going to do is just cause
more confusion.

Madam Speaker, I support the intent and the spirit of the rule
because I have sat at that closing table having to go through form
after form after form. Everybody gets writer's cramp signing their name
on all of these different forms. This was a good thing about Dodd-
Frank, and combining these various forms and these various legal
documents that have to be signed makes total sense.

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Mr. HUIZENGA of Michigan. Madam Speaker, I thank the gentleman.
Madam Speaker, as I was saying, the intent and the spirit of the rule
makes a lot of sense. Having something that is going to negatively
impact those home buyers, especially those first-time home buyers, is
not pro-consumer. It is not pro-growth. What we are trying to do with
this particular bill--and I applaud my new colleague for this--is to
allow the stakeholders, which is the buyer, the seller, and the
companies that have the legal responsibility to do this closing
properly to move forward and make sure that this is done in the proper
way for those consumers.

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