Providing for Consideration of H.R. 5818, Neighborhood Stabilization Act of 2008

PROVIDING FOR CONSIDERATION OF H.R. 5818, NEIGHBORHOOD STABILIZATION ACT OF 2008 -- (House of Representatives - May 07, 2008)

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Mrs. CAPITO. I thank the gentleman for recognizing me.

I am on the Financial Services Committee. And we have debated and had many hearings on what we all share is an issue before us with great urgency. We are facing serious challenges here in the housing market, and I think our committee has done great work on a bipartisan basis to pass numerous measures and to listen to the concerns all across the board.

But I think the greatest concern for me and for all of us here should be that individual in that home who stays up late at night or can't sleep at night because they can't figure out how they're going to stay in their house and afford to keep their home, keep their family safe in their home, and meet the challenges of either an adjustable rate or a house that maybe has devalued so much that they feel like their only option may be to walk away from their mortgage.

So we have two bills before us today. Later on, we're going to be considering H.R. 5818, which is the Neighborhood Stabilization Act of 2008. This doesn't help that individual who can't sleep at night who we're most concerned about. The aim is to help big cities and other urban areas that have foreclosed properties, to revitalize that. That's an issue for another day. In my view, the issue we need to debate today is how we're going to help that individual who can't meet the challenges and wants to stay in their home.

And so on the larger bill that we're going to be considering later, unfortunately the bipartisan tone of our committee sort of broke down in the process. We had, I think, very spirited debates in front of our committee where our philosophies were shared and we actually found a lot of common ground, which is the way it should be. Because when an originator came forward with a bad loan or didn't ask for financials or didn't ask for background information on a potential buyer, they didn't ask, are you a Republican or a Democrat? This isn't a partisan issue. That's why I think we should have a full and open debate here, and that's why I advocated for an open rule in front of the Rules Committee.

So the solutions that we're offering today are going to be diluted because we're not going to be able to hear the debate on the floor because the Rules Committee has decided, in their infinite wisdom--and I'm a former member of a Rules Committee, so I can say that--that the majority is using a seldom used rule that will really prevent our side from offering even a motion to recommit, where we can at least have our voice heard on this floor.

So I'm very disappointed that at this day in time, when we have that person at night staying up, that family wondering how they're going to stay in their home that night, they are not going to be able to see the choices that are before us as a body where we can say, we think this is more helpful, or we think this direction is the way we should go. For that I'm tremendously disappointed, especially in light of the committee that I serve on, Financial Services, where we did have this debate and we had ideas that came forward and more ideas that could come forward on this House today.

With that, I oppose this rule.

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