Maxine Waters

Ms. WATERS

Ms. WATERS. I thank the chairman. This funding will provide a critical bridge for homeowners during periods of joblessness, and allow them to maintain stable housing for their children. This $2 billion, combined with an additional $6 billion I have secured for NSP through two rounds of funding, is another step toward addressing the foreclosure crisis. But more needs to be done. That is why I am pleased that the Treasury has committed to providing another $2 billion for unemployed homeowners in addition to the amounts provided under this bill. And that is why I will continue to fight for both additional funding and for loss mitigation legislation, which would make it mandatory for banks to offer real sustainable loan modification offers. Chairman Frank, thank you for your assistance, thank you for your support, thank you for your leadership. I am proud to be a part of this Congress, so proud to have been a part of the conference committee. And I think we are doing all Americans justice in this bill as we pay attention to needs that have been so long overlooked.

Ms. WATERS. Thank you. I appreciate that.

Ms. WATERS. Mr. Speaker, Members, I would like to begin by thanking the chair of the Financial Services Committee, my colleague, Mr. Barney Frank, for the leadership that he has provided in bringing us to this point in doing regulatory reform. There were times I thought it would never happen, but because of his brilliance, and because of his leadership, and because of his ability to listen to all of the Members who serve not only on that committee but on the conference committee, we finds ourselves here. But I would like at this point in time to engage my chairman to make sure that I understand one particular word that was used in this conference committee report. So if I may make an inquiry of the gentleman from Massachusetts. I'm trying to understand the meaning of the world ``initiated'' in paragraph 5 of the conference report. Would ``initiated'' include any program or initiative that has been announced by Treasury prior to June 25, 2010? And if so, I assume that that means that programs such as the FHA refinance program, which would address the problem of negative equity and which I understand Treasury and the FHA are working on but is not yet publicly available, would be included as would the Hardest Hit Fund program, which is not fully implemented yet. And this would not prevent, for example, within the $50 billion already allocated for HAMP, perhaps adjusting resources between already-initiated programs based on their effectiveness.

Ms. WATERS

Ms. WATERS. Madam Speaker, I submit the following: To Juanita and the Family, Like most of his fans, I had always admired Ollie Woodson the performer, from afar, as one of the mainstays of ``the temptin' Temptations.'' When I finally got to meet the person--your husband, father, and grandfather--at a birthday celebration in the home of my dear friend Glodean White, I was really impressed with how friendly, warm and down-to- earth he was. Since that time, whenever I had the good fortune to see him, Ollie would always go out of his way to say hello and make that personal connection. His close friends tell me that was the generous spirit of the man, forever responding to those he loved. We all know about the incredible voices and intricate dance moves that made a Temptations concert a must-see. But I specifically remember a wonderful solo performance Ollie did for the National Newspaper Publishers' Association at the Democratic National Convention in Denver. I was not only knocked out by his sheer ability to entertain but I thought about how Ollie and the rest of the Motown family have really been cultural ambassadors for America, all over the world. As successful as he undoubtedly was both as a performer and producer, I will also cherish some of those special times right here at City of Refuge, when Ollie would grace the church and Bishop Noel Jones with a wonderful gospel song. He certainly never forgot his roots. So today, let us celebrate both the performer and the man, who with his God-given talent has earned a place in history and in our hearts--Ali Ollie Woodson. May he rest in peace.

Ms. WATERS

Ms. WATERS. Madam Speaker, I submit the following: To Eleanor and Family, I am sorry that I cannot be with you at the home-going services of your dear husband, father, grandfather, and my good friend, Bill. I join with the many other elected officials and community leaders who mourn his loss. Bill Elkins was well known, respected, and loved by the many who knew, worked with and understood his undying commitment to African Americans in this city. Bill spent the best part of his years in service to the late great Mayor Tom Bradley. He served as a liaison for Civil Rights Organizations, Ministers, Fraternities and Sororities and elected officials representing Mayor Bradley. Bill was all about equal opportunity and participation by all people. He truly was responsible for keeping the community informed and working closely with ministers helping them to their congregation engaged and helping to solve community problems. I could share many stories on how we spent countless hours planning, strategizing, organizing and encouraging people to ``Get Out the Vote''. We don't see that kind of dedication anymore. But for those of us who were fortunate enough to work with him we learned what it meant to be truly committed to the community, he inspired us all. Eleanor, your sisters in BWF, the organization that you helped to found, stand with at this difficult moment for you and your family. You and the family can rest assured that Bill did more than his share of service in this community. His work is recorded in the history of this city and now it is time for him to rest in peace. He will be sorely missed by so many.

Ms. WATERS

Ms. WATERS. Madam Speaker, I submit the following: To family of Paul H. DeVan, It is with great pain and sorrow that I express my condolences to you, all of Paul's friends and the entire Head Start family. Paul and I were very good friends--we met and worked together starting in the early 1970's in the Head Start Program. Paul was an activist, organizer, and a promoter of fairness, justice, and equality for poor people, people of color and people who simply needed to have friends to assist them in locating resources to pursue a decent quality of life. I loved Paul's kindness, his love of people and his willingness to work hard for the betterment of our community. Paul was the kind of man that understood his strength and power. He had the confidence that is so necessary to make things happen and get the job done. Unfortunately there are not many Paul DeVan's left in our communities that are willing to meet the challenge of discrimination, poverty and hopelessness. Paul had health challenges for quite some time but never gave up. He loved the Head Start Program and was the Founder of Training and Research Foundation, which provides resources to parents to help children fulfill their educational destinies. Paul and Elaine were a wonderful team that accomplished so much. This home going for Paul must also be a thank you for all he has done for so many. Paul, I love you and will miss you very much.

Ms. WATERS

Ms. WATERS. Madam Speaker, I submit the following: To Penny, Raymond, Steve and the family of Caffie Greene, please accept my heartfelt condolences for the loss of your beloved mother, grandmother, and my friend, Caffie Greene. Caffie was a brilliant community activist, one of a handful of strong African American women who used their God-given talents to speak up for the least of these. She fought alongside the women of South Los Angeles who led the struggle for justice and equality for so many years. Women such as Lillian Mobley, Mary Henry, Johnnie Mae Tillman, Catherine Germany, and Nola Carter. Caffie was outspoken, confrontational, and fearless. She had the ability to influence politicians and elected officials with her strong organizing skills. She had the capability to articulate the pain and concerns of poor people; and she never hesitated to show up to meetings at the school board, city hall, press conferences or anywhere else she needed to be. I know we will all miss Caffie, her strength and unique brilliance. But we must continue her work and honor her legacy which I hope will inspire and motivate a new generation of leaders to dedicate their lives in the service of others as she did. May she rest in peace.

Ms. WATERS

Ms. WATERS. I object.

Ms. WATERS. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, the manager's amendment would make technical corrections to the underlying FHA Reform Act of 2010 and would respond to a GAO request for more time to complete the mandated study on FHA. This amendment would also facilitate HUD's implementation of a recently finalized rule whereby FHA will no longer directly approve loan correspondents or mortgage brokers but will require lenders to approve brokers. Under the language proposed in this amendment, loan correspondents would be permitted to continue closing loans in their own name, a critical business function, and continue to utilize table funding arrangements. This amendment also addresses eligibility for FHA loans by requiring FHA borrowers to have a valid Social Security number and limiting FHA loans to only U.S. citizens and legal immigrants. This language ensures that undocumented immigrants or other individuals who are in the country unlawfully cannot get FHA mortgages, while still providing that lawful immigrants can continue to stimulate demand in the U.S. housing market through the purchase of homes. Finally, this amendment provides that the Secretary may increase loan limits for micropolitan counties surrounded by higher-cost areas that are experiencing significant growth. Again, this amendment strengthens an already strong bill, and I urge my colleagues to support it. Mr. Chairman, I reserve the balance of my time.

Ms. WATERS. I rise to claim the time in opposition, although I am not opposed to the amendment.

Ms. WATERS. I would like to thank my colleague from California. I certainly support this amendment. The gentleman from California has been one of the most active Members of this Congress in bringing attention to the economic fallout of the foreclosure crisis. I am well aware that his district located in my home State of California has one of the highest foreclosure rates in the country. California has the Nation's fourth highest foreclosure rate with one in every 192 housing units receiving a foreclosure filing last April. Unfortunately, due to the economic impacts of foreclosures on communities, high foreclosure rates are sometimes accompanied by high unemployment rates. At 13 percent, California's unemployment rate is higher than the national unemployment rate of 9.5 percent. By prioritizing foreclosure counseling services to the hardest hit areas, this amendment would ensure that the homeowners most in need of these services would receive them, helping to stabilize communities that are already facing economic troubles. I support this amendment, and I certainly thank the gentleman for offering it. I hope my colleagues will vote ``yes.''

Ms. WATERS. Mr. Chair, I demand a recorded vote.

Ms. WATERS. Mr. Chairman, I have no further requests for time on this amendment, and I yield back the balance of my time.

Ms. WATERS. Mr. Chairman, this amendment reiterates the existing authority of the Secretary of Housing and Urban Development to raise down payment standards if he deems it necessary to ensure the financial health of FHA, and that is exactly what Secretary Donovan, with the help of Commissioner Stevens is doing because data indicates it is the best thing to do for the current economic environment. In addition, the Secretary has the authority to reduce this down payment should economic conditions change and data indicates that it can be done while preserving the health of the capital reserves. This amendment also calls for the Secretary to provide an annual report on the implementation of the minimum down payment requirement, the impact on FHA's capital reserves, the housing market generally, all the number of FHA borrowers, and the impact of any proposed changes on borrowers on the fund. I believe this is a sensible amendment that increases transparency and accountability and should receive strong, bipartisan support, and I thank Congresswoman Bean for all of the work that she's done on this committee and for this amendment.

Ms. WATERS. Mr. Chairman, I have an amendment at the desk made in order under the rule.

Ms. WATERS. I thank the gentleman for this amendment which would ensure that FHA borrowers who are having difficulty paying their loans would receive counseling about credit risk and financial management in addition to information about loan modification assistance and the availability of housing counseling. Financial literacy is an important tool for empowering consumers, especially those consumers who are having difficulty making mortgage payments. The gentleman's amendment would enhance the housing counseling resources provided by the bill. By allowing borrowers to learn about how to manage their non-mortgage debt, they could be helpful in ensuring that they are able to remain current in their mortgages after modification. I support this amendment, and I urge an ``aye'' vote. I yield back the balance of my time.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I ask unanimous consent that in the engrossment of H.R. 5072, the Clerk be authorized to correct section numbers, punctuation, and cross-references, and to make such other technical and conforming changes as may be necessary to accurately reflect the actions of the House.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days to revise and extend their remarks and insert extraneous material on the subject of the passing of the Honorable Art Link.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days within which to revise and extend their remarks on H.R. 5072 and to insert extraneous material thereon.

Ms. WATERS

Ms. WATERS. Madam Chair, I yield myself such time as I may consume. Madam Chairwoman, I stand in strong support of H.R. 5072, the FHA Reform Act of 2010. This bill is the product of three hearings on FHA in the past 6 months and bipartisan work with the ranking member of the Subcommittee on Housing and Community Opportunity, Congresswoman Capito. In fact, this bill contains most of the provisions Congresswoman Capito included in her bill on FHA introduced earlier this year. Moreover, I am proud to say that this bill passed out of the Financial Services Committee on a simple voice vote back in April. The FHA Reform Act is critical, timely, and important for households across the country. The act will enable the FHA to respond to the current housing and economic crisis and continue its mission of providing homeownership opportunities to millions of Americans. We know that now, more than ever, preserving this mission is critical. As the private market has contracted, FHA has stepped into the void and injected much-needed credit into our mortgage system. Increasingly, it is the only option available for American homebuyers with less than a 20 percent down payment. FHA insurance has been particularly important for minority communities, low-income families, and first-time homebuyers. The bill would provide FHA with more flexibility to adjust their annual mortgage insurance premium. As I understand it, if FHA limits the premium increase to 0.90 percent, as Commissioner Stevens has indicated, new borrowers will see their monthly payments rise by about $42 a month. Now, while I am reluctant to support providing FHA with more flexibility, I believe that this provision is needed to keep FHA financially healthy. We have also taken steps to ensure that FHA requirements are not excessively onerous for homebuyers. Secondly, this bill provides FHA with the authority to crack down on lenders that use fraud or misrepresentation or don't originate or underwrite loans in accordance with FHA guidelines. FHA has already taken steps to increase its lender enforcement activities, and the provisions included in this bill will empower them to rout out the bad actors while reserving the program for the lenders that follow the rules. Thirdly, this bill empowers FHA to improve their internal controls that improve data tracking, risk management, and reporting to the public and to Congress. This includes improving monitoring of early defaults and claims, tracking mortgage information by loan servicers, providing FHA with the ability to contract out for additional credit risk analyses, requiring mortgagees to report to FHA when they stop buying loans from other mortgagees, and requiring a GAO study on FHA. The bill also creates a new Deputy Assistant Secretary at FHA for risk management and regulatory affairs. I believe the bill in front of us today is critical for ensuring a strong future for FHA, and I request my colleagues' support. I reserve the balance of my time.

Ms. WATERS. Madam Chair, I would simply like to close by thanking Mrs. Capito for all of the work that she put into this legislation and the cooperation that she gave to me and her staff to my staff. This is a good bill. The differences have been worked out between both sides of the aisle. We worked hard to make sure that we maintained FHA, but that we keep a close watch on it; that, in fact, we give it flexibility, but at the same time ensure the continuity and the consistency of FHA that should be there to provide the guarantees for our citizens that so desperately need them. Madam Chair, I yield back the balance of my time.

Ms. WATERS. I move that the Committee do now rise. Accordingly, the Committee rose; and the Speaker pro tempore (Mr. Schiff) having assumed the chair, Mrs. Halvorson, Chair of the Committee of the Whole House on the State of the Union, reported that that Committee, having had under consideration the bill (H.R. 5072) to improve the financial safety and soundness of the FHA mortgage insurance program, had come to no resolution thereon.

Ms. WATERS

Ms. WATERS. Madam Speaker, I rise today to celebrate an exciting event that occurred this month bringing long overdue recognition to an accomplished African American: George B. Vashon. Growing up in St. Louis, I learned of Mr. Vashon's legacy as my high school was dedicated to him as he was a person who committed his life to help educate countless African Americans. While George Vashon himself never lived in St. Louis, his widow relocated to the city after his death and raised their family in Missouri. Vashon High School was named in 1927 and is one of the few monuments to a man who was a distinguished educator, lawyer, abolitionist, and poet who lived from 1824 to 1878. Mr. Vashon's life was one full of numerous ``firsts.'' Raised in Pittsburgh by parents who were leaders in the anti-slavery efforts there, he was the first African American to graduate from Oberlin College. He studied law under the Honorable Judge Walter Forward in Pennsylvania and applied for admission to the Pennsylvania bar in 1847 and again in 1868. Both times, he was denied admission because of his ``negro descent.'' Not to be held back, Mr. Vashon went to New York to take the bar and became the first black lawyer in that state. He later went on to be the first African American in New York to run for public office when he was a candidate under the Progressive Party for Attorney General. A close friend and associate of Frederick Douglass, Mr. Vashon penned many columns for Douglass' paper, The North Star. George Vashon was one of the first black college professors in this country, a founder and the first black professor at Howard University and was president of Avery College in Pennsylvania. As an abolitionist, he also led many anti-slavery conventions and was central in the lobbying efforts to pass the 13th, 14th, and 15th amendments to the Constitution. For years he was active in helping escaped slaves find freedom on the Underground Railroad when they made their way through Pennsylvania and New York. Despite his many contributions and achievements, Mr. Vashon encountered discrimination and barriers to achievement. Being denied entrance into legal practice in his native Pennsylvania was a deep disappointment for him and a terrible injustice. I was thrilled, however, to hear recently that after two of his descendants petitioned the Pennsylvania Supreme Court, Mr. Vashon was posthumously admitted to the bar 163 years after his first attempt. While it was long overdue, I join with the Vashon family and my fellow Vashon High School graduates in marking this important event and celebrating the life of this outstanding figure in American history.

Ms. WATERS

Ms. WATERS. Mr. Speaker, I rise in strong support of H.R. 5017, the ``Rural Housing Preservation and Stabilization Act of 2010.'' This bill would preserve the U.S. Department of Agriculture's Rural Housing Service (RHS) Section 502 Single Family Direct Homeownership Loans Program, which is set to expire at the end of this month. Section 502 is USDA's main housing loan program and is designed to help low-income individuals purchase, build, repair, or renovate homes in rural areas. Currently, Section 502 is the only federal program targeting safe and affordable homeownership opportunities to low- and very low-income rural households. The annual average income of a Section 502 direct borrower is 55 percent of area median income, or $18,500 a year. Since its inception, Section 502 has provided loans to approximately 2.5 million families at an extremely low cost to the federal government. Unfortunately, the amount appropriated for rural housing programs has been insufficient to meet the demand. The current backlog for Section 502 direct loans includes 27,000 rural households, totaling $2.9 billion in loan applications. H.R. 5017, will preserve the Section 502 program and establish a self-sustaining program at no cost to taxpayers. I believe Section 502 is vital for our rural communities throughout the nation and this bill is absolutely necessary to help preserve a critical program at no cost to taxpayers. I urge my colleagues to vote for this important bill.

Ms. WATERS

Ms. WATERS. Thank you very, very much Congresswoman Diane Watson. Thank you for taking out this hour to remember Dr. Dorothy Height. I appreciate the fact that you not only organized this time, but you understood how important it is for all of us who knew her, who loved her, who worked with her to just stop and remember her in this very, very special way. When I learned of her death, I immediately thought about March 24, 2004. That is when she received the great recognition from the Congress of the United States, receiving the Gold Medal, the highest civilian award that can be given to a United States citizen. I remembered that because when that ceremony took place I remember watching her and reflecting on all that she had done for this country. I remember not only the fact that she was the one woman in the civil rights movement that was dominated by men who sat in on the discussions about the civil rights legislation, the voting rights legislation, and this was at a time when women were not welcomed at the helm of the civil rights movement, but Dorothy Height was a very special woman. And I am sure that no matter what some of the men thought, they couldn't have turned her down because of her special way of handling situations. She was a highly cultured woman, articulate, refined, and always able to help temper situations that could be explosive. So Dorothy Height had a way of not only managing herself, but managing those around her. I heard Congresswoman Watson as I was coming in talking about the Black Family Reunions. And they stand out as part of her tremendous work. At a time when black families were being demonized, being talked about as dysfunctional, she not only showed that we are a people who care and love our families, but we came out to these great reunions in very special ways. I remember seeing young black males carrying their babies, and I remember seeing young children being held by the hand by their grandmothers. So the mothers and the fathers, the sisters and the brothers, the uncles and the aunts, everybody came out to these tremendous family reunions. And I can recall not only attending in Washington, DC, but in my hometown of Los Angeles. I was there with Dorothy Height, number one, because I respected her, I admired her; but she expected me to be there. We were friends for many, many years, dating back to our struggles in the Carter administration, when we had created the International Women's Year. And we all convened in Houston, Texas, to create the Women's Commission that was appointed by Carter. I was there as a young woman long before I came on the national scene and helped to organize on that floor the final statements that we delivered to President Carter that created the National Women's Commission. As a matter of fact, Dorothy Height has been at the center of every significant development on behalf of women. Not only did she work in the civil rights movement, she worked for women. And she has been there in those struggles working with the National Organization for Women, the National Women's Political Caucus, all of those organizations that sprung up when we finally began to realize that we had power and we could exercise power and influence not only in helping to advance women in this country, but advance public policy as it related to women and families. So Dr. Dorothy Height, who sat at the foot of Mary McLeod Bethune, the greatest educator that ever involved herself in education in this country, had a great impact on Dorothy Height. And Dorothy Height was a big supporter of education. And she often told of the stories of Dr. Mary McLeod Bethune. She often shared with us the very special moments she had with her and the kind of influence that she had on her and her leadership. So she is gone. And there are those who are asking who is going to take her place. Well, no one can really take her place. There is no other and will be no other like Dorothy Height. Of course there are many brilliant women. There are visionary women. There are articulate women. There are women who can manage at the highest levels. But you can't replicate Dorothy Height. We can hope that someone takes her place who will honor the contributions that she has made and give leadership to the National Council of Negro Women in a manner that she would be proud of, but no one can actually take her place. I stand here this evening to say that Dorothy Height not only was special and one of a kind; I loved her. I honor the time that I was able to spend with her. I honor the birthday celebrations that I was able to go to. I honor the times that she attended all of the chapter meetings across this country and I happened to be in some city or some State where she was where I attended those chapter meetings. I honor having known her because I think it certainly gave me not only insight into what she was all about, but the inspiration that she provided for me and the lessons that I learned from her. So this evening I simply say that we wish her journey to heaven to be the kind of journey where she will certainly rest in peace and get the rest that she so richly deserves. But we want her family to know, and all of those who perhaps didn't know her, how much she has meant not only to women and to the civil rights movement, but to this country. And we want to honor her in this very, very special way on the floor of Congress so that it will be recorded in the Congressional Record, adding to all of the other ways that she will be etched into the history of this country and this world. Thank you, Dorothy, for having served. Thank you for having led us. Thank you for having been the kind of public servant who helped this country to be a better country. I yield back the balance of my time.