Homebuyers Assistance Act

Floor Speech

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Madam Speaker, I want to thank the sponsor of this bill, Mr. Hill, for his good work and our chairman for driving this legislation. It is bipartisan.

Listening to the remarks that just took place from the minority leader, I know there is a comment, Madam Speaker, about consumers, but I think this is more of a play for the trial bar. Because if this 4-month hold harmless doesn't move forward, it is the consumers who are going to get hurt. It is the divorcee who needs the proceeds from the sale of her home from her husband to actually work on putting her life back together that now won't have that sale go through.

In communities like mine in rural America where you don't have really large lenders and large title companies and large Realtors, we have small institutions. It is those communities that are going to be hurt the worst if we don't have this 4-month hold harmless. You have given up your lease. You expect to close on a house, and that closing is not going to happen. Or you are getting a new job and you are moving to rural America and you didn't secure a lease because you are buying a house, but you can't buy a house because you have the whole sector of this base that is not willing to take the risk.

We are beating a horse here of 1,800-plus pages. It is a significant rule. It is very complex, and it baffles me that we wouldn't make sure that, as the system is implemented, we have a hold harmless provision, as long as those folks who are imposing new systems are making a good faith effort to comply.

I think you were listening to the debate. We are all saying the same thing. We want to make sure we protect consumers. We want to make sure the private sector can actually implement the rule effectively.

Mr. Cordray has come forward and indicated he is in support of a hold harmless, but I think the gentleman from California made a good point. It is not just the exposure that you have on the governmental side. It is also the exposure that you have the private side from private litigation.

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Madam Speaker, I want to thank the sponsor of this bill, Mr. Hill, for his good work and our chairman for driving this legislation. It is bipartisan.

Listening to the remarks that just took place from the minority leader, I know there is a comment, Madam Speaker, about consumers, but I think this is more of a play for the trial bar. Because if this 4-month hold harmless doesn't move forward, it is the consumers who are going to get hurt. It is the divorcee who needs the proceeds from the sale of her home from her husband to actually work on putting her life back together that now won't have that sale go through.

In communities like mine in rural America where you don't have really large lenders and large title companies and large Realtors, we have small institutions. It is those communities that are going to be hurt the worst if we don't have this 4-month hold harmless. You have given up your lease. You expect to close on a house, and that closing is not going to happen. Or you are getting a new job and you are moving to rural America and you didn't secure a lease because you are buying a house, but you can't buy a house because you have the whole sector of this base that is not willing to take the risk.

We are beating a horse here of 1,800-plus pages. It is a significant rule. It is very complex, and it baffles me that we wouldn't make sure that, as the system is implemented, we have a hold harmless provision, as long as those folks who are imposing new systems are making a good faith effort to comply.

I think you were listening to the debate. We are all saying the same thing. We want to make sure we protect consumers. We want to make sure the private sector can actually implement the rule effectively.

Mr. Cordray has come forward and indicated he is in support of a hold harmless, but I think the gentleman from California made a good point. It is not just the exposure that you have on the governmental side. It is also the exposure that you have the private side from private litigation.

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