Cloture Motion
Thank you, Mr. President. I rise in opposition to the nomination of Mark Calabria. He is the wrong man for this job. Sometimes I kind of can't believe this place. I see these people. I see the President of the United States, who never…
Thank you, Mr. President.
I rise in opposition to the nomination of Mark Calabria. He is the wrong man for this job.
Sometimes I kind of can't believe this place. I see these people. I see the President of the United States, who never really experienced any of these challenges that homeowners in Cleveland, OH, or in Muncie, IN, face. He can't even get a loan from a local bank; he has to go to Germany to go to Deutsche Bank. That is really beside the point.
I just don't understand, when we have these academicians or people who work in government for a while, and then they go out and they do these writings, and over time--I look at someone like Mark Calabria. He seems like a genuinely nice fellow and an honorable guy, but some of the things he said and has written in his career--let me start with this. He questions the need for the 30-year mortgage. A lot of Members of Congress, a lot of people voting on this nomination, and a lot of people in the White House--the White House looks like a retreat for Wall Street executives. The majority leader's office down the hall has a stream of lobbyists going in and out from the banks and the oil companies and the gun lobbyists and all that.
Mr. Calabria has said he questions the need for a 30-year mortgage. Many of my colleagues here and in the White House don't really have to worry about paying their mortgage. They don't have to think about saving for retirement and planning for retirement and thinking: I have 7 years until I want to retire; I have 14 years to save money for my children to go on to college, to go to Lorain Community College, or to go to Dennis Center, or to Ohio State, or to go to Bloomington, or to go the University of Indiana.
Mr. Calabria's questioning of 30-year mortgages--most people can't afford to buy a house if they don't have a long-term 25- or 30-year mortgage. They can't put 50 percent down, like it was before Franklin Roosevelt, and then pay it off in 5 years. That is how we did homeownership in this country 70, 80, or 90 years ago. That is why there wasn't much homeownership then, and then we figured out how to do it.
Mark Calabria just wants to blow all that up and say: I don't really like the idea of a 30-year mortgage.
He is not being nominated for the Secretary of the Interior. He is not being nominated for the EPA. He is being nominated for the Federal Housing Finance Agency. It is a critical job.
We know we have a housing affordability crisis in this country. Think about this. One-fourth of all renters pay at least half of their income in housing costs. That is one-fourth of people who rent. I assume it may be higher in Indiana, as it is in Appalachia, OH, or it may be higher in East Cleveland or in Gary than it is in some other places, but whatever the number, overall, one-quarter of renters in this country pay 50 percent of their income in housing. Do you know what that means? It means that if your car breaks down, you have to borrow money from a payday lender so you can go to work so you can keep making $12 or $14 an hour. It eventually means you may get evicted because you can't meet your monthly rent.
The homeownership rate among African Americans is at the same dismal level it was before Congress put those open housing, anti- discrimination laws in place, and now this administration is not even enforcing those laws.
Mr. Calabria doesn't think we need the current affordable housing goals. He thinks we should eliminate the GSEs, and--my favorite--he called homeowners who are underwater in their mortgages deadbeats.
I don't know if he has ever actually been to Ohio. He might have. He might have ties there, for all I know. I don't know that he does, but 8 years ago in Ohio, one out of five homeowners was underwater. You know what that means. It means they owed more for their house than their home was worth. It wasn't their fault. It is not their fault that in their community the worth of their home was dropping. It is not because they didn't keep it up, but it is because people were foreclosed on or homes were abandoned or they were evicted from those homes, and the value kept dropping so they actually owed more than their home was worth. He calls those people deadbeats.
Somebody who loses their job and can't pay their mortgage, does that make them a deadbeat? Somebody who gets hurt on a construction project, he or she is a carpenter or a boilermaker, and they can't work--he calls them deadbeats? This is the person we want in charge of housing?
He questioned the need for the Hardest Hit Fund. I know, in the Presiding Officer's State and in my State, that the Hardest Hit Fund really has mattered in helping clean up some neighborhoods and trying to get a floor under prices so they start going up again.
He said: Just let prices fall. It is easy for him to say to just let prices fall. How about the people who are affected by this?
My colleagues who support his nomination today shouldn't act surprised when he raises costs for borrowers, when he makes it more difficult to develop affordable housing, and when he cuts off access to homeownership for
American families, especially people of color.
That is what he has advocated his entire career. We should reject Dr. Calabria's nomination. We should tell the President of the United States to send us a new nominee who will take this job seriously and a nominee who will make it easier, not harder, for Americans to afford housing.
I ask for a ``no'' vote for the nomination of Mark Calabria to head the Federal Housing Finance Agency.
I yield the floor.
I suggest the absence of a quorum.