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 . 
one of the sensible actions this bill takes is allowing fannie mae and freddie mac to purchase mortgages that reflect the actual median home price instead of a set national limit . 
we all know that the price of purchasing a home is increasing . 
but madam chairman , it is blatantly wrong to pretend that the same loan limits should apply to areas where the average home cost is $ 75 , 000 as areas where the median cost is well over $ 350 , 000 . 
the reality is , home prices in high-cost areas are skyrocketing at higher rates and to costs that are far above the national average . 
while my colleague from new jersey argues that this amendment would have no affect on the ability of families to purchase a home , he is gravely mistaken . 
because his amendment would prohibit fannie and freddie from purchasing mortgages at a cost higher than the current limit , families in high cost areas -- such as those in new jersey where the median home price exceeds the national median home price by at least $ 200 , 000 -- would not have access to any affordable loan . 
under this amendment , family will be priced out of their own neighborhood . 
these affordable loans help ensure families who seek the dream of homeownership have the same chance to own their own home as those with more means . 
families that live in higher cost areas do not serve to be punished and should not have to move somewhere else to obtain an affordable home loan . 
yet that is what this amendment would do . 
a family living in bergen or passaic county , for instance , where the median home price is $ 390 , 000 , would not be able to get an affordable loan from fannie or freddie simply because they live in an area where the cost excess the current limit . 
so where are they supposed to go ? 
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 , not shutting them out from achieving the american dream . 
