Yesterday, the House Financial Services Committee passed the Mortgage Choice Act, bipartisan legislation introduced by Congressman Bill Huizenga (R-MI) and Congressman Greg Meeks (D-NY). This legislation clarifies the definition of “points and fees” currently preventing some low and middle income families from attaining a qualified mortgage (QM). This bipartisan bill passed the committee by a vote of 46-13.
Congressman Bill Huizenga:
Consumers would lose the ability to take advantage of the convenience and market efficiencies offered by one-stop shopping. This is like telling Meijer that they can carry groceries but they can’t carry school supplies. You can’t have this one-stop shopping, and it doesn’t make sense to me.
The qualified mortgage represents the safest, best underwritten mortgage available on the market. It’s the gold standard. We should want more people getting qualified mortgages, not less. … These common sense changes will promote access to affordable mortgage credit for low and moderate income families and first-time homeowners by ensuring that safe and properly underwritten mortgages pass the QM test.
Congress has the opportunity to help more Americans realize a portion of the American Dream. Not by some grandiose law or decree, but by simply reforming a burdensome regulation. Homeownership has been a pillar of American life for generations. Today, we can reaffirm that pillar and reassert that homeownership can and should be an attainable goal.
This morning I visited the Outdoor Discovery Center to see first hand how the Great Lakes Restoration Initiative (GLRI) is helping restore wetlands, reduce flooding, and stop harmful runoff from flowing into rivers, Lake Macatawa, and Lake Michigan.
More positive news for West Michigan’s economy! It’s wonderful to see innovative manufacturers continue to expand and/or choose West Michigan as the place to invest, grow, and create good-paying jobs!
This afternoon, the House passed bipartisan legislation to improve care for our veterans and strengthen the Great Lakes economy by ensuring that harbors in Grand Haven, Ludington, Holland and other across the Great Lakes are properly dredged. These are among the first set of legislative funding priorities that have passed Congress and are now headed to the President’s Desk to be signed into law. You can read my full statement on the Conference Report to accompany H.R. 5895, the Energy and Water, Legislative Branch, and Military Construction and Veterans Affairs (VA) Appropriations Act below.
Today West Michigan says farewell to one of the people who helped shape our community into the incredible place it is today. Thank you for all that you have done for West Michigan Rich and while your legacy will live on, know that your leadership and friendship will be deeply missed. Rest well Rich.
The engine of our economy is powered by small business job creators and thanks to tax and regulatory reform they are feeling more confident than ever before. "As the tax and regulatory landscape changed, so did small business expectations and plans," said NFIB President and CEO Juanita D. Duggan. Capital spending is at it's highest level in a decade and small businesses are reporting record levels of job creation!
