This was a procedural vote on a resolution setting a time limit for debate and determining which amendments could be offered to legislation eliminating a federal home loan refinancing program.  If passed, this particular procedural motion -- known as the “previous question" -- effectively ends debate and brings the pending legislation to an immediate vote. The underlying bill eliminated a federal program enabling homeowners to refinance their home mortgages if, as a result of plummeting housing prices, their mortgage debt exceeded the value of their home.

Rep. Rob Bishop (R-UT) urged support for the resolution and the underlying bill: “First, in some and perhaps in many cases, this program would subsidize irresponsible lenders and borrowers and insulate them from the consequences of bad choices and, in some cases, intentionally speculative financial choices that were made during the housing boom, thus shifting the economic impact of those bad choices and decisions onto the backs of responsible homeowners and the taxpayers. This is troubling, for this should not be the role of the federal government--to pick winners and losers in the marketplace.”

Rep. Jared Polis (D-CO) “At a time when housing markets are beginning to show signs of life, signs of recovery, my Republican colleagues want to eliminate programs that keep families in their homes and protect communities from the crippling consequences of foreclosures…..It's critical to preserve the American dream by keeping families in their homes and out of shelters and unemployment lines, and preserving the integrity of neighborhoods that suffer when homes are foreclosed upon. Repealing the FHA refinance program would empower collection agencies and municipal eviction squads rather than empower hardworking American families who are suffering in this difficult economic climate or are victims of lenders that created financial products through the housing crisis that led to reckless lending.”

The House agreed the previous question motion by a vote of 235-186. All 234 Republicans present and 1 Democrat voted “yea.” 186 Democrats voted “nay.” As a result, the House proceeded to a final vote on legislation eliminating a federal program that enabled homeowners to refinance their home mortgages if, as a result of plummeting housing prices, their mortgage debt exceeded the value of their home.