Providing for Consideration of H.R. 1852, Expanding American Homeownership Act of 2007

PROVIDING FOR CONSIDERATION OF H.R. 1852, EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 2007 -- (House of Representatives - September 18, 2007)

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Ms. MATSUI. Mr. Speaker, I yield myself such time as I may consume.

Before yielding to my next speaker, I would like to point out that the bill directs surplus funds to an affordable housing fund. This is an appropriate

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use of any net FHA funds. The surplus funds are directed to a source that is consistent with the mission of this legislation: to help Americans buy homes through federally backed means.

However, for those Members who do not support this fund, I want to point out that there is an amendment made in order to strike the fund. All Members of this House will have an opportunity to vote on this important issue.

With that, Mr. Speaker, I yield 4 minutes to the gentlewoman from Ohio (Ms. Sutton), a member of the Rules Committee.

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Ms. MATSUI. Mr. Speaker, I yield myself such time as I may consume to make a comment before yielding to my next speaker.

I would like to point out that seven amendments were made in order. Two of the minority amendments offered were redundant changes, so one of those was made in order. And, finally, an amendment in the nature of a substitute offered by Mrs. Biggert was made in order. We are providing ample opportunity for debate and for Members to vote on the provisions of the bill.

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Ms. MATSUI. Mr. Speaker, before I close, I just want to make a comment that H.R. 1852 already has strong identification requirements for those applying for FHA-backed mortgage insurance.

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With that, Mr. Speaker, we know that our housing market is in severe distress. We must ensure that subprime mortgage lending is not putting our residents at risk. Subprime mortgages can be a very useful tool enabling those with imperfect credit to qualify to buy a home. Reining in predatory lending practices will help our families keep those homes that they have worked so hard to buy. The Expanding American Homeownership Act will ensure that FHA has the tools it needs to get more home buyers into good loans.

This bill will bring the FHA regulations up to date. It will provide the agency with the ability and resources to offer a broader diversity of loans to meet the needs of the current market. This is an important bill that will give more of our constituents access to solid federally backed loans. That is a kind of stable financing that homeowners need to get through the rocky times our real estate market is weathering.

The Financial Services Committee has worked very hard to get this bill to the floor. I hope that we can keep it moving forward. I hope that my colleagues will join me and show strong bipartisan support for the rule before us and the underlying bill.

Mr. Speaker, I yield back the balance of my time, and I move the previous question on the resolution.

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