Parliamentary Inquiry
Floor Speech
PARLIAMENTARY INQUIRY -- (House of Representatives - May 17, 2007)
BREAK IN TRANSCRIPT
Ms. WATERS. Mr. Chairman, I move to strike the requisite number of words.
Mr. Chairman and Members, I am surprised at the information that is being given from my friends on the opposite side of the aisle about this bill. Mr. Garrett from New Jersey gets up and talks about the mortgage tax increase. There is no MTI. He made that up. There is no MTI identified in and for this bill. I don't know where they're getting this from. They have vivid imaginations, and they would have you believe that somehow, in order to create this housing trust fund and have the GSEs participate in it, there must be something that they've made up called a mortgage tax increase.
Did anyone tell my friends on the opposite side of the aisle that the GSEs have many places they can take the money from?
First of all, it is important for everyone to know and understand, this money does not come from the general fund. This money does not come from something called an MTI. This is after-profit tax from the GSEs. And they have all of these programs, they have not only programs that they could eliminate, they could rearrange, and get millions of dollars from, but the investors, instead of getting huge profits, they could be reduced a little bit so that money could go into this housing trust fund.
You would think that the Members on the opposite side of the aisle don't have a housing crisis in their district. Well, I've been to Alabama. I've been in Mr. Bachus' district. I want to tell you, he's got some terrible housing problems. He's got a crisis.
But Mr. Hensarling does, too. I don't know where those letters are coming from, but let me tell you about his district. Renter households, 81,740 including 14,931 extremely low income households in Mr. Hensarling's district.
Of these extremely poor households, 56 percent of them are paying more than half of their incomes for housing. In this district, there's a deficit of 9,571 units that are affordable and available to extremely poor households.
I don't mind speaking up for the least of these and poor. I don't mind trying to help the people in my district. But I do mind carrying the burden for all over America, for districts where there are people in need, and somehow their representatives forget to represent them.
And my friend would have you believe that he's so concerned about the safety and soundness of these GSEs, and that they want independent world class regulation. And we've created that in this bill, we have compromised, we have worked with them, we have put a new agency in. We have done a great job.
Are you willing to sacrifice that because you don't believe the government should participate in helping the least of these get some low income housing? Are you willing to give up all that we have worked for to ensure that we have GSEs that are safe and sound because you don't want to help poor people, low income people, people who work every day but simply cannot afford to own a home or have a decent place to live?
I don't think so. I know some of my friends on the opposite side of the aisle may have some questions about how this is all going to work, but I really don't believe that what you mean is that you would give up this bill; that you would rather not see this bill passed, with all of the good that is in it, even FM Watch that was organized some time ago to deal with bringing down the GSEs or supporting this housing trust fund. These are your friends that you have worked with. They like the bill and they like the housing trust fund, and they have letters of support that they have passed out all over this Congress.
So I would say that even if you have some questions, you don't quite understand it, understand this: A housing crisis, people in need, moneys that can be gotten from GSEs that does not create something called an MTI, that can help people to have a decent quality of life. Just understand that. And couple that with the knowledge that you have worked very hard to make sure that these GSEs are safe and sound and you don't want to give that up at this point.
The Acting CHAIRMAN (Mr. Hastings of Florida). The question is on the amendment offered by the gentleman from Alabama (Mr. Bachus).
The question was taken; and the Acting Chairman announced that the noes appeared to have it.
BREAK IN TRANSCRIPT
Source