releases: https://web.archive.org/web/20140221024514/http://www.vitter.senate.gov/newsroom/press/vitter-says-taxpayers-should-not-bail-out-broke-fha
Data license: MIT · Data source: dwillis/congress-press
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| url | title | date | year | month | party | chamber | state | member_name | bioguide_id | domain | scraper | source | date_source | text | has_text | collected_at | updated_at |
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| https://web.archive.org/web/20140221024514/http://www.vitter.senate.gov/newsroom/press/vitter-says-taxpayers-should-not-bail-out-broke-fha | Vitter Says Taxpayers Should Not Bail Out Broke FHA | 2013-09-25 | 2013 | 2013-09 | Republican | House | LA | David Vitter | V000127 | web.archive.org | legacy | Vitter Says Taxpayers Should Not Bail Out Broke FHA Wednesday, September 25, 2013 (Washington, D.C.) – U.S. Sen. David Vitter (R-La.) today made the following statement after news reports that the Federal Housing Administration (FHA) will be asking for a taxpayer funded bailout. “I’m not one to say ‘I told you so,’ but geez. The FHA has been going down an irresponsible path for years, from their drastic lack of required capital to secret stress tests,” Vitter said. “Instead of managing their funds responsibly, and making appropriate reforms, FHA prefers to lean on taxpayers to bail them out, and enough is enough. They should not get a bailout now or any in the future and I’ll continue fighting for serious reforms to the FHA to ensure we protect the taxpayers against their mismanagement." Vitter has warned of a potential FHA bailout since 2009, and he has previously introduced legislation to prevent one. Last Congress, Vitter introduced legislation to reform the FHA and ensure it can remain solvent without a federal bailout. At a July 31, 2013 Senate Banking Committee markup of S.1376, The FHA Solvency Act of 2013, Vitter introduced amendments to include requirements for the Department of Housing and Urban Development (HUD) and Treasury to notify Congress and the public if Treasury makes a transfer to HUD for FHA, and for HUD to repay Treasury for any bailout transfer. Vitter added, "The Senate must take up the FHA Solvency Act as soon as possible and include additional reforms in light of this news. It is clear neither the FHA or the taxpayers can wait any longer for Congress to act to protect the taxpayers because FHA sure won’t.” At a Banking Committee hearing in December 2012, Senator Vitter pressed Housing and Urban Development Secretary Shaun Donovan to the Senate Banking Committee and Congress fully informed if FHA planned to ask for a bailout. They committed to keeping Congress informed of their best projections on an on-going basis on the need for a bailout. Vitter has also pushed for an early term delinquency review, a lifetime ban on additional FHA-backed loans for borrowers with two foreclosures, and a capital reserve requirement for the new multi-family program. Vitter also wants to establish an annual “Fed stress test” of the FHA. Recently FHA Commissioner Carol Galante committed to submitting all material the FHA has in regard to a secret stress test that projected massive losses for FHA. | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |