madam chairman , i rise in strong opposition to the garrett amendment , which would be devastating for middle-class families across new jersey and in high-cost areas throughout the country . 
while my colleague might argue that this amendment would have no effect on the ability of families to purchase a home , he is gravely mistaken . 
the garrett amendment prohibits fannie and freddie from purchasing mortgages at a higher cost than the current limit . 
this means that in the high-cost areas such as those in new jersey where the median home price exceeds the national price by at least $ 200 , 000 in counties like bergen and passaic , families would not have access to an affordable loan . 
under this amendment families will be priced out of their own neighborhood . 
those who live in higher-cost areas do not deserve to be punished and should not have to move somewhere else to obtain an affordable home loan ; yet that is exactly what this amendment does . 
this amendment is a step backwards for efforts to open the doors to affordable homeownership . 
we should be trying to expand opportunities for families who dream of owning a home in the area they want to live in , not shutting them out of achieving the american dream . 
i urge a `` no '' vote on the amendment . 
