U.S. Rep. Blaine Luetkemeyer (MO-03), Incoming Elect Chairman of the House Financial Services Subcommittee on Housing and Insurance, released the following statement after President Obama announced executive action to lower Federal Housing Administration (FHA) mortgage insurance premiums:

“Apparently, the president does not remember what happened to the housing economy just a couple of years ago when the FHA had to be bailed out by $1.7 billion of American taxpayer dollars. The FHA is not yet on sound financial footing and is not fully capitalized therefore last week’s announcement by the president increases the exposure of taxpayers and the likelihood for another bailout footed by the American people. As Chairman of the Subcommittee on Housing and Insurance, I will press the administration about this announcement and encourage that, instead of lowering mortgage insurance premiums, the FHA focus more intently on ensuring homeownership opportunities for creditworthy first-time homebuyers and low-income families.”