Ranking Member Waters' Statement on Republican House Finance Reform Proposal

Statement

Today, in response to Financial Services Chairman Jeb Hensarling's release of a proposal to reform the nation's housing finance system, Financial Services Committee Ranking Member Maxine Waters released the following statement:

"I am strongly disappointed in the Chairman's legislation, which is little more than an attempt to reinvent America's housing finance system using the same kind of right-wing ideology that has eroded America's middle class for decades. This bill eliminates the 30-year fixed rate mortgage as we know it and consigns future generations of homeowners to the types of high interest, balloon-payment mortgages that caused the financial crisis. This is by no means a bipartisan bill. By presenting such an extreme proposal--with no input from Democrats--the Chairman stands in stark contrast with his colleagues in the Senate and has made it clear that bipartisan housing finance reform is not his priority."

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