Washington, DC – U.S. Representative Judy Biggert (R-IL-13) today issued the following statement in response to Federal Housing Administration (FHA) Commissioner Brian Montgomery’s testimony before the House Financial Services Committee:
 
        “I’m very pleased that the FHA is acting to expand the FHASecure program.  By granting more troubled homeowners access to FHA-insured refinancing options, we can help reach as many as half a million homeowners by the end of the year.  That’s good news for our economy, for home values, for investors, and for families. 
 
        “Already, the program has helped as many as 150,000 homeowners to get out of bad, subprime loans and into more secure, lower-cost FHA-insured loans.  But we can do more to help those borrowers who can afford their homes and had solid payment histories before their rates reset.  Given the right options, many of these borrowers can be helped -- without resorting to an inappropriate taxpayer-funded bailout.
  
        “Congress also needs to finalize comprehensive FHA reform, GSE reform, and provide much-need funding for HUD-approved counseling agencies.  Counselors can help guide homeowners into a loan that best meets their budget and needs – steering them away from a situation that could lead to foreclosure down the road.  And FHA and GSE reform will add much-needed liquidity to the market while providing more consumers with safe refinancing options. 
 
        “While House and Senate leadership are engaged in outbidding each other on how much taxpayer funding they can spend to bail out various actors, we should instead be passing these basic, bipartisan reforms that can start helping homeowners NOW.  My hope is that leadership will move what’s right in front of them instead of grasping at new giveaways that may or may not help those who are actually now in trouble.”
 
        Biggert is Ranking Member of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit.  On April 3rd, she met with Commissioner Brian Montgomery and urged him to use the FHA’s regulatory authority to expand FHASecure. 

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