Chairman Hensarling Opening Statement at FHA Bailout Hearing
| Federal Information & News Dispatch, Inc. |
"On
"Today, eight months later, our witnesses have been proven correct. The FHA is indeed broke; it is officially bailout broke. Twenty-nine days ago FHA became the recipient of the latest
"On
"When Commissioner Galante last appeared before us, the national debt stood at
"Our spending-driven national debt is the greatest existential threat that is facing our nation today. The former Chairman of the
"Yet a number of my Democratic colleagues have asked to have the debt clock removed, taken out from sight. Reflecting a 'see no evil' attitude, and in fact
"Barely a week ago the
"The taxpayer-funded bailout of FHA reinforces everything that many have said about FHA for some time - that it is a high risk to taxpayers, it is a high risk to the mortgage insurance market and it is a high risk to our economy. The
"The
"The PATH Act will achieve needed objectives for the FHA. It will put FHA on sound financial footing and keep it there. It clearly defines FHA's mission to ensure that the agency is serving first-time homebuyers and low-to-moderate-income borrowers. The PATH Act shifts risk away from the taxpayers and into the private sector by reducing FHA's footprint and making sure the agency is complementing the private sector, not competing with it. It ensures that FHA runs its single-family insurance fund according to the basic tenets of mortgage insurance. And finally, the PATH Act mandates the insurance of the 30-year fixed mortgage and retains FHA's countercyclical role.
"The American people clearly want to end the destructive cycle of boom, bust and bailout that
"The time for FHA reform is now. We can truly wait no longer."
Read this original document at: http://financialservices.house.gov/news/documentsingle.aspx?DocumentID=356934
| Copyright: | (c) 2010 Federal Information & News Dispatch, Inc. |
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