mr. chairman , i yield myself 2 minutes . 
mr. chairman , first , the administration has been somewhat inconsistent on this . 
a year ago , secretary of hud jackson boasted about the fact that he was insisting freddie and fannie increase the extent to which they do low-income housing because we have always had affordable housing goals enforced by law . 
so the administration last year was insisting that fannie and freddie use more of their money to help low-income people . 
let me say , i am not surprised . 
the gentleman from texas ( mr. paul ) xz4003110 has been straightforward . 
he is one of the most intellectually honest members of the house . 
sometimes , like on casino gambling and medical marijuana , i am glad to be with him . 
this time we disagree . 
he is very clear in saying we should not be doing subsidized housing . 
he is quite clear . 
if his amendment were to pass , we would not be able to have an affordable housing program because the level of profits fannie and freddie generate , which we are tapping in part , 5 percent , to do affordable housing , would substantially diminish . 
yes , i think people ought to be able to work to build housing ; but low-income people , people working at the minimum wage , a minimum wage the gentleman does not want to raise , are not going to be able to build their own housing . 
people in the hurricane area who get priority , if the affordable housing bill goes through , that part of the bill goes through , hundreds of millions of dollars will be available to replace housing literally washed away in mississippi , alabama , texas , and in florida . 
there is no way people down there will be able to do it on their own . 
the gentleman has been quite explicit , and i appreciate his being honest about it . 
if this amendment passes , the effect will be to substantially increase the capital cost to fannie and freddie . 
they will have to pay more for capital . 
once they pay more for capital , not only would the affordable housing fund disappear , but so will the ability of the bush administration , through secretary jackson , to demand that they meet certain housing goals . 
and leave aside the affordable housing program , the bush administration , under secretary jackson , is proud of what it did to order fannie and freddie to do more to meet affordable housing goals , to buy up mortgages for people at 80 percent of median income . 
i hope that the gentleman 's amendment in this particular case is defeated . 
mr. chairman , i reserve the balance of my time . 
