mr. chairman , chairman oxley and ranking member frank have worked very hard to come up with a very good bill . 
the goal is to make sure we find liquidity in the secondary marketplace so people in this country have a home . 
the more liquidity we have in the marketplace , the more stability we have in the marketplace , the better it is for the nation and the overall vibrant housing market . 
gses have been at the forefront of creating affordable housing opportunity throughout our nation for american families . 
there is an amendment that is coming up later that guts something we tried to do in this bill , and that is to make sure that gses can adequately provide loans in the markets throughout this country . 
and people who happen to live in certain areas that are considered high-cost areas , such as california ; new york ; massachusetts , mr. frank 's state , currently are not able to acquire freddie and fannie loans because the housing market has grown so much and the costs have grown so much that they have exceeded the limits that gses can lend in . 
and it is a shame that if people live in hawaii , guam , and places like that , they can still get a freddie and fannie loan , yet in california they can not . 
and what we have done through this bill , thanks to chairman oxley , is provide for those needs and turned out a very good bill . 
i strongly urge my colleagues to support this bill . 
i rise in strong support of h.r. 1461 , the federal housing finance reform act of 2005 . 
i commend chairman oxley and ranking member frank for their tireless efforts to produce a balanced bill , that ensures that the housing gses are adequately regulated without disrupting our nation 's strong and vibrant housing markets . 
government sponsored enterprises ( gses ) have been at the forefront of creating affordable housing opportunities for american families . 
in my district , for example , fannie mae has created employer-assisted housing programs for the city of brea police department to allow police officers to live in the communities they serve . 
they have helped to finance affordable housing initiatives in anaheim , california . 
across the district , they have been able to offer innovative programs to allow those with blemished credit to afford the dream of homeownership , to help seniors convert the equity in their homes into cash to help them meet their needs , and to help families and individuals with special needs become homeowners . 
all of this , in partnership with lenders , is intended to meet the ever-growing needs of our communities . 
as we have addressed deficiencies in gse supervision , we worked hard to ensure h.r. 1461 does not lose sight of congress ' original goal in chartering gses . 
the mission of fannie mae and freddie mac is to provide stability and on-going assistance to the secondary market for residential mortgages , and to promote access to mortgage credit and homeownership in the united states . 
while we make these regulatory reforms , we are also unwavering in our commitment to help americans achieve the dream of homeownership . 
h.r. 1461 seeks to improve regulation of the gses while continuing to ensure the accessibility of mortgage funds at the lowest cost . 
while there is no question that regulatory changes must be made to ensure the safety and soundness of the secondary mortgage market , h.r. 1461 recognizes that strong regulation provides a means to achieve our ultimate goal of expanding the supply of affordable mortgage credit across this nation . 
for generations , the goal of owning a home has been the bedrock of our economy and a fundamental part of the american dream . 
the bill we consider today is about homeownership in this country . 
homeownership benefits our communities and national economy . 
indeed , it is the key to promoting long-term economic stability for our citizens and nation . 
that is why this bill is so important . 
h.r. 1461 provides for a strong regulator for the gses so that investors and the markets are assured that these companies are sound and that their investments in america 's housing markets are safe . 
i am especially grateful that the bill includes language that recognizes that housing costs differ widely throughout the country . 
while gses are chartered to operate in every district across the country , their effectiveness in certain areas has been seriously hindered because high housing prices have caused fewer and fewer mortgages to fall within the conforming loan limit . 
those who live in high-cost areas of the country should be able to participate in federal efforts to provide affordable housing opportunities . 
this is a simple issue of fairness . 
it is unacceptable for the federal government to tell my constituents that federal programs exist to increase homeownership in america , but they can not qualify simply because of where they happen to live and work . 
the language in the bill increases loan limits in high cost areas to the median home price of the area , not to exceed the limit for alaska , hawaii , guam , and the virgin islands ( 150 percent of national loan limit ) . 
this does not impact the portfolios of the gses as all loans made in high-cost areas must be securitized . 
by adjusting conforming loan limits in high-cost areas , we can create nearly 250 , 000 new homeowners at no cost to taxpayers . 
i urge my colleagues to support this important provision and reject efforts to remove it during the amendment process . 
