Volunteer Firefighter/Emergency Medical Service Gas Price Relief Act of 2009

I yield myself such time as I may consume.

Today I rise in support of House Resolution 1434, recognizing the significance of homeownership in America. Every year, this body comes together to designate June as National Homeownership Month. To continue this long record of recognition, H.R. 1434 provides congressional recognition of National Homeownership Month and the importance of homeownership in the United States.

Owning a home is a fundamental part of the American Dream and is the largest personal investment most families will ever make. For millions of families across this country, a home is more than just the symbol of the American Dream. It's the backbone of the American way of life. Moreover, in addition to providing financial benefits to individuals, homeownership helps strengthen communities. Since homeowners are investing not only in themselves, but in the community, they have a greater stake in the success of their local schools, civic organizations, and churches.

For the past several years, this country has experienced significant upheaval in the United States housing market. The turmoil being experienced by homeowners has been devastating and swift moving, and Americans are looking to their leaders in government to end the terrible housing situation without placing an additional burden on the taxpayers.

My home State of California, in particular, has been heavily impacted by the mortgage crisis, with thousands of families losing their homes. Thirty-four percent of homeowners in my State currently have negative equity in their home. It is crucial that the body recognize the impact of the problems facing the housing market so it can take steps to ensure that equity and liquidity return to the marketplace.

Despite all that is occurring in the current housing market, we need to remember that home ownership has historically been the single largest creator of wealth for most Americans. As someone who has been involved in the industry for over 35 years as a developer, I have seen my fair share of the housing market downturns.

From these experiences, I have learned at times of stress it is important to ensure that liquidity continues to flow to the housing market in order to keep the market functioning. Accordingly, the loan limit increases passed by this body are finally providing affordable, safe mortgages for homeowners in the high cost areas who were previously forced to resort to risky loans and impaired their ability to keep their home.

Additionally, to bring stability to the housing market and encourage responsible home ownership, I have sponsored legislation to allow homeowners going through foreclosure to stay in their homes and have the option of buying them back in the future. During these economically challenging times, it is more important than ever to provide relief to hardworking Americans.

In conclusion, in the first quarter of 2010 the national home ownership rate decreased to 67.1 percent. This is the lowest home ownership rate since the first quarter of 2000. Additionally, in

the first-time buyer age group of under 35 years old, the home ownership rate fell to 38.9 percent, which is the lowest level since 1997.

Assisting home buyers and homeowners by permanently increasing the loan limits, enabling borrowers in financially distressed homes to stay in their homes, must be a priority for this body. These efforts will help maintain the Nation's home ownership level and speed up the overall recovery of the housing market.

I reserve the balance of my time.

I yield myself the balance of my time.

As I said, owning a home is a fundamental part of the American Dream, and I have been honored to introduce this resolution, I think, for the past 12 years. It is a fundamental part, but that doesn't mean that everybody necessarily is in a position to own a home at a given time. And that's something people need to strive for in their lives and look for in the future.

And if you look at the situation--and my colleague was talking about FHA--FHA, Freddie, and Fannie are providing about 92 percent of all the loans in this country. If it were not for that, people in this country could not buy or sell a home basically because there is not liquidity in the marketplace to deal with it other than the GSEs.

But at the same time, we need to understand that underwriting standards for FHA, Freddie, and Fannie need to be very solid, thereby not putting any of the agencies or the taxpayers at risk. I think FHA has done a good job recently increasing their underwriting standards, requiring people to be in a better position to be able to repay their mortgages, and this is essential.

The National Association of Realtors is strongly behind this resolution. Although this is a statement that Congress is making, it doesn't require any action, it's a significant statement. It's being made on behalf of the American people who believe they want to own a home, they have a right to own a home, and if they are in a position to do that, we are encouraging that.

The Realtors say that 5\1/2\ million taxpayers depend on the NFIP to protect them from flooding. We are going to deal with that in the next bill. They also came and supported the resolution we are putting before us today. So there are two resolutions in a row that are very important to home ownership in this debate today. The one we have before us is the concept that people should have a right to own a home.

With that, I yield back the balance of my time, and I ask for an ``aye'' vote on this resolution.

Mr. Speaker, I rise in strong support of House Resolution 1434, recognizing June 2010 as National Homeownership Month. I am proud to be an original cosponsor of this important resolution, and I commend my good friend and colleague, Congressman Gary Miller from California, for its introduction.

This year's theme is Protecting the American Dream. American families deserve the opportunity to achieve and sustain the dream of home ownership. This administration and Congress have been taking the necessary measures to help existing homeowners stay in their homes, to offer a second chance to millions of responsible families, to encourage wise and affordable home purchases, and to stabilize our households, neighborhoods, and communities.

The House of Representatives passed the Federal Housing Administration Reform Act of 2010. Sponsored by Chairwoman Maxine Waters of California, the bill also helps families realize the American Dream of home ownership, protects Americans from mortgage fraud, and saves taxpayers money. The legislation ensures that the Federal Housing Administration remains viable and continues to provide qualified borrowers with access to prime credit.

FHA insurance has been particularly important for minority communities, for low-income families, and for first-time home buyers, and will continue to help my congressional district, which is 80 percent Hispanic and poor.

The Homebuyer Tax Credit the House has extended several times has increased home sales and helped stabilize the housing market. Estimates suggest that this credit and several extensions will have resulted in 1 million additional home purchases and saved an average of $21,000 in equity for American homeowners who indirectly benefited from the stabilization of house values.

In my capacity as chairman of the Congressional Rural Housing Caucus, I have managed to collaborate with my colleagues in obtaining a substantial amount of money for the USDA Section 502 Single Family Direct Loan program. Recently, I worked closely with the USDA's Department of Rural Housing Service on additional commitment authority for the Section 502 Single Family Guaranteed Loan program. The House of Representatives and USDA's Rural Housing Service have done our jobs. It's my sincere hope that the Senate will act quickly on the 502 Single Family Guaranteed Loan program so that banks can close on loans.

The House has passed antipredatory lending legislation and is now in conference with the Senate on legislation that will increase consumer protection by reforming our financial services regulations and legislation. Moreover, the House of Representatives has passed legislation reauthorizing the National Flood Insurance Program that will help Americans in their times of need. Hundreds of thousands of first time home buyers will be unable to close on their homes if they are located in floodplains and require flood insurance. I humbly ask that the Senate reauthorize the National Flood Insurance Program as quickly as possible.

Mr. Speaker, dozens of communities across the Nation have planned events and activities throughout June to highlight the benefits of home ownership and share information on ways families can remain successful homeowners.

I am glad that we are in Congress acknowledging their efforts through this resolution.

I urge all my colleagues to support this important resolution.

Congress of the

United States,

Washington, DC, June 17, 2010.

Hon. Nancy Pelosi,

Speaker, U.S. House of Representatives, Washington, DC.

Hon. John Boehner,

Minority Leader, U.S. House of Representatives, Washington,

Mr. Speaker, I rise in support of H. Res. 1434 to recognize National Homeownership Month and the importance of homeownership in America. As you know, homeownership is an important portion of our economy and a central piece of American culture that lies within the idea of the ``American Dream''.

The idea of homeownership being central to the ``American Dream'' has a long history. Some believe that its roots date all the way back to 1776, where in the Declaration of Independence, Jefferson stated that all men have the right to ``life, liberty, and the pursuit of happiness.'' In American culture, home ownership is often used as a proxy for the promised prosperity that was to be included in the interpretation of ``liberty'' and ``happiness.'' In 1931, James Truslow Adams invented the term ``American Dream'' and used it to exemplify the idea that with enough hard work, anyone can achieve what they desire in life. For many Americans, homeownership is a central aspiration and the key to happiness and prosperity.

Our great nation has long supported this theme in American culture. In response to the Great Depression and a failing housing industry, the U.S. government created the Federal Housing Administration in 1934. The FHA then became a part of the Department of Housing and Urban Development office in 1965. Together, the mission of these organizations is to create strong, sustainable, inclusive communities and quality affordable homes for all. Since its inception in 1934, the FHA and HUD have insured over 34 million home mortgages and 47,205 multifamily project mortgages. In the 1920s only about 4 out of 10 homes were owned. Thanks to the work of the FHA the homeownership rate in America is now upwards of 66%. FHA insurance has been especially important for minority communities, low-income families, and first-time homebuyers.

Mr. Speaker, homeownership does not only serve as a centralized American idea, but also as a fundamental source of growing capital and investment for the American people and economy. The purchase of a home is one of the biggest investments one can make. It strengthens both a homeowner's individual economic growth as well as the local communities as the effects of a growing housing market will trickle down in the form of jobs, building suppliers, tax bases, schools, and other 3 forms of revenue. Until recently, the U.S. gross domestic product has always been very closely tied to the total American housing valuation. Housing is a form of wealth that increases American consumption and the growth of the economy.

With consideration to the significance of homeownership in America, the House recently passed H.R. 5072, the FHA Reform Act of 2010. This act will serve to crack down on fraud and misrepresentation from lenders, improve the FHA's internal controls and risk management, and provide more transparency and information to the public. This act is crucial to the future growth of the American housing industry, and it signifies the congressional recognition of the extreme importance of homeownership in our economy.

For these reasons, Mr. Speaker, I rise in support of H. Res. 1434 to recognize National Homeownership month and give praise to home owners in America.

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 1434) recognizing National Homeownership Month and the importance of homeownership in the United States.

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on this legislation and to insert extraneous material thereon.

Mr. Speaker, I yield myself 2 minutes.

This bipartisan resolution supports the goals and ideals of National Homeownership Month and reaffirms Congress' commitment to helping working families fulfill a fundamental part of the American Dream. Importantly, this resolution recognizes the vital role that homeownership plays, together with safe and affordable rental housing, and building strong communities and families, and it affirms the central role that responsible homeownership plays in our economic recovery.

I hope my colleagues will join in support of this resolution that will send an important signal to the American people that creating fair and responsible homeownership opportunities requires commitment and cooperation, and that Washington is up to the challenge.

Mr. Speaker, I reserve the balance of my time.

Mr. Speaker, I yield 4 minutes to the gentleman from Texas (Mr. Hinojosa).

I yield an additional 10 seconds to the gentleman.

Mr. Speaker, I have no further requests for time, and I yield back the balance of my time.

Mr. Speaker, on that I demand the yeas and nays.

Mr. Speaker, I rise in strong support of National Homeownership Month. This month marks the 42nd anniversary of the landmark 1968 Fair Housing Act which opened the dialogue of equal homeowner opportunities and growth. National Homeownership Month continues its same principles by promoting the very core of American values of fairness, opportunity, and growth.

National Homeownership Month reflects the importance of homeownership and the American dream. For most Americans, owning their own home will be their largest and most significant financial investment. It represents security, builds neighborhood pride, and is essential in creating positive productive communities.

National Homeownership Month reaffirms the importance of homeownership in the Nation's economy and its central role in our national economic recovery. Home affordability and financial education is the key to overcoming the housing crisis and promote good housing practices and policies. Financial education not only directly benefits American families, but, in turn, helps to ensure a robust and strong economy.

Mr. Speaker, it is vital that we continue to empower people of all races, economic status, and backgrounds who desire to own their own home. It is a valuable stabilizer for both families and communities.