mr. chairman , i first of all commend the chairman and the ranking member for putting a great bipartisan bill together concerning government-sponsored enterprises . 
in addition to establishing a very strong , independent regulator , the legislation will also create a sorely needed affordable housing fund . 
the housing fund will help people with low incomes who face the greatest difficulty in finding housing that is available and affordable ; but as we put forward this new housing fund , i do not think the manager 's amendment is a very good one . 
we should never force nonprofits to choose between providing affordable housing and encouraging full participation in the american dream . 
the housing trust fund will provide a much-needed stimulus to our american economy , but it is not only low-income americans who suffer from lack of affordable housing . 
i would ask the gentleman to please be cognizant of what i am saying . 
i know my district and the area within my district . 
a recent study has found that 4.8 million working families , many of them middle-income , have faced critical housing needs in recent years , spending more than half of their income on rent or living in substandard housing . 
to help struggling middle-class families , it is essential that we preserve section 123 of this bill , which raises the conforming loan limit by up to 50 percent for certain high-cost housing areas . 
without raising that limit , the benefits of the gse housing subsidies are not distributed evenly or fairly across geographical lines . 
in 2003 , fannie mae and freddie mac purchased 35 percent of all mortgages originated nationwide . 
in several high-cost housing areas , these institutions were able to purchase fewer than 30 percent of the new mortgages . 
in my area , a large portion of real estate transactions take place over the conforming loan limit . 
in my own district , my own area , bergen , passaic , and essex counties , the median price of housing is 125 percent above the existing loan limit , one of the highest rates in the country . 
this is an unfair limit . 
it prevents many middle-class families in new jersey from being able to own a home in the state . 
at a time , mr. chairman , when wages are stagnant , energy prices soaring , college tuition skyrocketing , we are well aware of just how much these hardworking families are being squeezed financially . 
this is common sense . 
this is not democrat or republican . 
this is common sense that we help middle-class folks out to purchase the homes . 
and i am not going to talk personally to the gentleman from new jersey , but on this he is dead wrong . 
