1:52 PM EDT
Judy Biggert, R-IL 13th

Mrs. BIGGERT. Our Republican alternative would do more than put an expensive Band-Aid on the housing market. It begins to address the underlying causes of the subprime mess. It will ensure that borrowers have access to legitimate loans; that they understand the terms of their loan, and that they are taking a loan that they can afford based on the actual value of the house.

We need to bring transparency and integrity to the homebuying process, and we need to expand access to credit for worthy borrowers who genuinely want to pay off their loans, but we need to do it without wasting taxpayers' dollars.

I think we have an alternative bill that would solve these problems. And many were supported by both Republicans and Democrats. It's a commonsense plan that doesn't spend money and, in fact, has been scored by CBO to actually reduce the deficit by $25 million. Coupled with Mr. Terry's tax credit for owner-occupied homebuyers, it will jump-start the flailing housing market and get our economy back on track.

That's why I urge my colleagues to vote against the bill before us today and consider the alternative, if we had the opportunity to have an alternative.