[Page H5197]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                 UNLEASH THE STUDENT DEBT STRANGLEHOLD

  (Ms. KAPTUR asked and was given permission to address the House for 1 
minute.)
  Ms. KAPTUR. Madam Speaker, today I rise to introduce the Transforming 
Student Debt to Home Equity Act of 2019.
  My bill would enable graduates current on repayment to renegotiate 
their student debt into an opportunity to purchase and own a home, 
which, of course, is an equity-accumulating instrument.
  With an estimated $1.6 trillion student debt, it is no wonder 
homeownership rates among young adults have plummeted.
  Luckily, there is a proven financial instrument already in widespread 
use that could facilitate a solution: the home mortgage.
  This common lending tool has the power to incorporate student loan 
repayments into a means for building equity, not just debt: the home 
mortgage.
  This bill directly asks HUD and the Federal Housing Administration to 
establish a pilot program that connects creditworthy Federal student 
debt holders with eligible homes by arranging financing that 
recalculates terms, debt-to-income ratios, interest rates, 
community reinvestment thresholds, and other factors.

  Short-term student debt in certain situations could transition into 
longer-term home mortgage ownership opportunity.
  Madam Speaker, I urge my colleagues to support this legislation to 
help unleash the student debt stranglehold on so many in the aspiring 
generation.

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