3:43 PM EDT
Randy Neugebauer, R-TX 19th

Mr. NEUGEBAUER. Mr. Speaker, I rise in strong opposition to this bill. I [Page: H3305]

think we have had a good discussion here today. Unfortunately, it was a discussion only and there was not opportunity for our side, or really any other Members to participate in this process of offering amendments that could have most likely made this a better piece of legislation.

There are several reasons I oppose this bill. Number one is the flawed process. In my tenure in Congress, I have never had a major piece of legislation like this where I am not even going to get an opportunity to cast my vote. I know people who are watching this process are wondering, you mean we have been talking all day about this important piece of legislation that the other side says is very important to the American people, yet their Member of Congress is not going to get a vote on this

process. It is a flawed process.

We brought an energy bill over, stripped all of the energy provisions out of it, and we are putting housing into an energy bill. I still don't understand the mechanics of that, and maybe someone later on can explain that to me.

This is also about not saddling the American people who are already struggling to make their own house payments, to make their own rental payments, to pay the highest gasoline prices in the history of this country, and the highest electricity costs and natural gas costs, it is about saddling them now with the payments for their neighbor.

What the 110 million people who are doing the best they can and want the United States Congress to do is to leave them alone and really start addressing the major issues that are important to the American people.

[Time: 15:45]

It's about not rewarding bad behavior. We have some lenders, and we have some borrowers that went out and bet that the housing market was going to go up. It didn't go up, and, in fact, unfortunately, in some places, it went down. And now people are faced with a negative equity or a smaller equity in their home. And we are sympathetic to that.

As I said earlier, I've been in the real estate business for a very long time. I've seen the markets go up. I've seen the markets go down. And sometimes it causes a situation where people don't have as much equity.

But what you have to understand is a lot of people went into this process with no equity. And now this bill says, you know what? We've got a deal for you, because now we're going to help create equity in your house by putting your neighbors at risk.

This is a bad bill. I encourage Members to vote against this bill. I'm sorry. We can't vote against it. Vote against the amendments.