Emergency Mortgage Relief Program Termination Act

Floor Speech

BREAK IN TRANSCRIPT

Mrs. CAPITO. I have been listening to the discussion. Certainly over the last several years I have been in the committee where we have seen program after program being introduced to try to alleviate the problem that we know exists with the foreclosure issue. But this is about making choices today. This is about making choices about programs that are working, programs that are not working, programs that are costing too much, and programs that we need to reshape and reform.

I believe this program is one that we can in good measure eliminate. It hasn't really gotten started. It's a billion-dollar program, and in some sense we already know, and we've heard from many in the discussion, that 98 cents out of every dollar that's set forth as a loan in this program will actually be a forgiven loan.

Now, we talk about fairness and mean-spiritedness. Is it fair to the rest of the folks who are working, scraping, paying their mortgages every single day to know that 98 cents of every dollar that goes out the door in helping some other folks is never going to come back in when the original agreement--it is a loan. I think this is a good-sense cut that will lead to more jobs and better-sense government.

BREAK IN TRANSCRIPT

Source