ion't think the nebraska realtors, i don't ink the national association of realtors would be here opposing this amement if it hurt major s.w.a.s othe country. or if e amdment was ing to help major s.w.a.t.s of this country they wouldn't be opposing it. the fact is, the f.h.as current prram helps california witho hurting hose other states. it helps the washington, d.c., area, the new york area, much of virgiia, c. theorst tnge can do for this economy is cause a precipitous decline in the price of homes in the major metropolitan areain this country. our recovery is fragile. the program the wayt works now allows middle class families in both loangeles and in ohio to be able to finance homes. we ought to vote down this amendment. so please join with cirman frank, chairman wters, the national association of realors, home builders, and mortgage bankers in urging ano vote. the chair: the gentleman's time has expire the question is on the amendment ofred by the gentleman from ohio. those n favosay e. those opposedno. in the opinion of thair, the amendmis not agreed to. mr. turner: ask for a record

according to the national association of realtors. mr. speaker, the most recent nfip lapse could have come at a worse time. as we deal with the worst oil spill in history, we are facing what is predicted to be an active hurricane season along the gulf coast. now more than ever we need to be supporting our constituents during these difficult times. many of the fishermen and others who have had their livelihoods turned upside-down because of the oil spill often live in flood prone areas. therefore we must act not only to extend this program in the% short-term but ensure that in the future communities devastated by the oil spill will have affordable access to insurance. that's why on thursday i introduced h.r. 5553 that would extend the nfip for three years and would include a sense of congress that the program should not expire again. this extension would remove uncertainty and show our desire to see real reform to an inefficient -- an efficient program. i appreciate the gentlelady from california's attention to this important issue and i h

to insert into today's record letters of support for h.r. 5297 from the national association of realtors, from the independent community banks of america and from the conference of state bank supervisors. the chair: the gentleman's request is covered by general leave. mr. hinojosa: this legislation will help small businesses survive and thrive in the current economic climate by providing the secretary of the treasury temporary authority to make capital investments up to $30 billion to banks and savings associations with assets of less than $10 billion and to their parent holding companies provide -- provided they also have assets of less than $10 billion. mr. speaker, h.r. 5297 increases the availability of credit for small businesses. it provides funding to eligible institutions that serve small businesses that are minority and women owned and that also serve low and moderate income, serve minority and other underserved or rural communities. this legislation ensures that all eligible institutions may apply to participate in the program established under this title without discrimination

provides a solution to a critical problem and i'm proud to have worked with community banks, our realtors, and real estate community on this issue. i urge my colleagues to support this amendment. the chair: the gentleman from colorado. mr. perlmutter: i reserve the balance of my time. the chair: the gentleman from texas has yielded back his time. mr. perlmutter: i would at this point i also say to my friend from texas the amendment takes place immediately not after two years. with that i yield one minute to my colleague from colorado, mr. coffman. the chair: the gentleman is recognized for one minute. mr. coffman: i thank the gentleman from colorado. mr. speaker, i rise today in strong support of this amendment to house resolution 5297, the small business lending fund act of 2010. the amendment authored by my friend from colorado, representative perlmutter, would do a great deal to increase the availability of loans to our nation's small businesses. small businesses are the engine that drives our economy. this amendment will allow colorado banks to amortize or write down commercial real e

in the early 1990's and the president of the local board of realtors in 1997 and named realtor of the year for the local board in 1986. it should come as no surprise that mark was elected to be president of the national auction eers association and takes office this july. mark's father, who founded the family's real estate and auction business in 1964, has also served as the president of the national auctioneers association. when mark takes over as president, he and his father will be the first father-son duo to have been elected president of the association. before elected president as the national auctioneer, he served as president of the north carolina association in the 1990's and in 2003 was inducted in the national association hall of fame. directed director of the national association in july of 2003, treasurer in july of 2007 and vice president in july, 2008. just as impressive as his professional qualifications is the personal character that commends him as an exemplary north carolina citizen. he is known as an active participant in his community, giving back and reaching out

one thing would be really helpful to have known services on one side of the room and have realtors onhe other side of the room. we are hearing a different story from what you are telling. >> your time has expired. mr. kucinich. >> to the gentlelady at the table. each of you represents lenders. i remind each of you that without the continued support of the american taxpayer, there would be zero residential housing activity. the issue is why are you denying loan modifications? there is a federal program that pays you as an incentive to modify the mortgages. would you like to respond? >> we are helping all of the people that come to us and that we contact. we have extensive investments in people, systems, infrastructure . the people who do not get a modification to not get it for two reasons. they fail to pay us or they do not qualify for the program. or they did not provide the required documents. >> let me share this with you. at the end of may, my state of ohio had 136,000 seriously delinquent loans. only 12.5% of those loans were modified. the ratio of h.a.m.p. to ser iously delinque

one of the most disruptive things ishat you have realtors that are underemployed.we had a big army of realtors in housing constrti crews to feed the bubble and now they are sitting on their hands. that is all very destructive and you might feedback partly on the housing volume there. whether you use inflation adjustment or some other long-term trends there, whether you use price to rent ratios. this is the economist magazine's david mechanism for bubbles going on and that may be a better variable sense of feedback. incomes and basically income to price rats are another variable and geographical smoothing so that you don't want to be in a situation where someonacross the street has a veryifferent down payment just because he is in a different zone foraveraging. and the other variables that you look at from an engineering point of view are what actuators you are using for feedback. i talked about changing the loan-to-value limits on mortgages. you can also very other underwriting requirements counter-cyclical he and oer one that was in the amendments that i got into

the national association of realtors estimates that 180,000 families, including over 5,800 in my home state of pennsylvania alone, signed contracts for new homes by their april 30 deadline but have not yet finished their closing. one realtor in my district estimated that there are 20 of these such closings which have not been able to be completed yet. due to the turmoil in the housing market and overwhelming success of the tax credit, lenders in federal programs have not been able to keep up with the demand and that's what's created the backlog. the home buyer assistance and improvement act will provide time to clear this bottleneck and make sure that these new homeowners are not punished for delays that are out of their control. as our economy continues on a slow yet steady path toward recovery, we have a responsibility to promote policies that aid in that growth. the home buyers assistance and improvement act will do just that. so i urge my colleagues to support h.r. 5623 and i yield back the balance of my time. the speaker pro tempore: the gentlewoman yields the balance of the time

you're not realtors. you're not able to say, "get out of this house and get in this house," in most cases. but if there is going to be an extension, and some of you did look at this beyond october, is that not a component which is fundamentally missing? affordable housing starts not with the house you picked but with the house the was affordable. >> congressman, i believe you raise a very important and very interesting point. i would concur with you. >> yes. >> yes. >> i think the key to a hamp and annie maude program is to make sure it is affordable now -- that the consumer can afford the home with the payment they have now. >> yes. >> i will settle for a yes. i can take up for an answer. chairman, i yield back. >> i now yield to mr. connolly of virginia five minutes. >> thank you. mr. lowman, you said if hamp modification performance has been strong, helping hundreds of thousands of homeowners. could you explain how hamp augments your other mortgage modification programs? >> we offer -- hamp is the top

you have been approaching homeowners i can tell you that the anecdotal stories that we hear from realtors, from nonprofits try to assist homeowners, is that loan servicers are not responsive, that it is an incredib difficult process even when you have a social worker that is sitting and guiding meone to the process. that in fact you are making decisions that do not model the market. when their a short sales that are offered you allow it to go to foreclosure. one thing that would be really helpful is to have not a panel of loan servicers but have loan servicers on one side of the room and of realtors and nonprofits on the other side of the room and let people go at it. we are having a different story than your telling us today. >> mr. chris image? >> thank you very much, mr. chairman. -- >> mr. kucinicc? >> thank you, mr. chairman. each of you represents lenders that would not exist in their current form if not for the beneficence of the united states taxpayer. i remind each of you that without the continued support of the american taxpayer there would be virtually 0 residential housing ma

every member of congress contended that the realtors tell them that it is virtually impossible to get loan servicers, banks, financial institutions to work with the home buyer to get a short sale to do things that would avoid foreclosure. the test of the hmfp program is a post reserve capital banks. it is a program that not even the bank are pursuing. when you look at the market, any time the weekend avoid foreclosure, you make more. you preserve your capital. the market sustained more. when the homeless and foreclosure, prices in the neighborhood shop. why isn't this program working? but why aren't you operating in the market standard of capital preservation? we are continuing to proceed to foreclosure at rates where we all know people are approaching the financial institution with deals and offers a serbian rejected. they would have a higher return pitahay. >> i now recognize mr. kucinich. >> thank you very much. >> you have three minutes. >> i'm going to take one minute. we know that the state of ohio received another $172 million so that people could be counts and individuals. i a

e national association of realtors, national associati of home builders, everybody involved in housing finance argues very correctly, ithink, that simply having fannie and freddie disappear -- again, not the only fannie and freddie, they have disappeared. the agency that caused it no loer exists. . my colleague from illinois with a fresh figure of speech said there were 800-pound gorillas. well, if they are gorillas, they are deeply chained, they are in cages and are being fed and quite docile. housing finance and figure out how to do it going forward. reeling against the mistakes the past and they said i don't like history but their bill is a firm statement against the operation of fannie mae and freddie mac before it was put into conservatorship and deals, unfortunately, with debts that we are stuck with. going forward, how do you create -- untangle the private shareholder corporation and a public mandate to try to subsidize housing to some extent? what agency should you have? what's the role of the federal housing authority and jennie mae and the private sector and the secondary mar

the national small business association, the small business majority, the national association of realtors, the independent community bankers of america, the american bankers association, and a number of other organizations. our nation's small business vs. waited long enough -- businesses have waited long enough for much needed capital and we won't make them wait any longer. this credit crunch has taken its toll and now it's time to focus on main street. with that i urge a yes vote on the previous question and on the rule. i yield back the balance of my time and i move the previous question. the speaker pro tempore: the gentleman yields back the balance of his time. the question is on ordering the previous question on the resolution. so many as are in favor say aye. those opposed, no. the ayes have it. the gentlelady from north carolina. ms. foxx: thank you, mr. speaker. on that i request the yeas and nays. the speaker pro tempore: the yeas and nays are requested. those favoring a vote by the yeas and nays will rise. a sufficient number having arisen, the yeas and nays are ordered. members

every member of congress contended that the realtors tell them that it is virtually impossible to get loan servicers, banks, financial institutions to work with the home buyer to get a short sale to do things that would avoid foreclosure. the test of the hamp program is a post reserve capital banks. it is a program that not even the bank are pursuing. when you look at the market, any time the weekend avoid foreclosure, you make more. you preserve your capital. the market sustained more. when the homeless and foreclosure, prices in the neighborhood shop. why isn't this program working? but why aren't you operating in the market standard of capital preservation? we are continuing to proceed to foreclosure at rates where we all know people are approaching the financial institution with deals and offers a serbian rejected. they would have a higher return. >> i now recognize mr. kucinich. >> thank you very much. >> you have three minutes. >> i'm going to take one minute. we know that the state of ohio received another $172 million so that people could be counts and individuals. i am gratef

that is why the national association of realtors, home builders, mortgage bankers, every entity conserve with housing are saying yes, please replace fannie mae and freddie mac, but don't just shut them down. we already put them into conservatorship. they're not repeating the mistakes of the past. we have a conflict. we have confusion. we have the fha that the house voted to reform almost unanimously. we have the national mortgage association, the federal home loan banks, private banks with a public mandate. i shouldn't have said that, but we have to look at how that works. we have the private market. there should be entities that helps securitized the balance of mortgages subject to risk retention. not the way fannie mae and freddie mac did it. we have a question, do we want any kind of subsidy for homeowners, now for people at the lowest end, but there is a situation -- are their efforts that could be made in a responsible way to help them afford homes? there is affordability for people on the low-end, you don't want to exclude anybody, but that ought to be the preface. immediately abol