Reigning in Fannie and Freddie

Steve Pearce

WASHINGTON, DC – House Financial Services Committee Republicans today unveiled their plan to reform government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac. Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement: “Today marks the start of a process – a process to begin winding down Fannie Mae and Freddie Mac. Beginning today, and over the course of the next few months, my colleagues and I on the Financial Services Committee will introduce multiple rounds of very specific, very targeted bills to end the bailouts, protect the taxpayers and get private capital off the sidelines.

The culmination of our efforts will formally wind down the GSEs and return our housing finance system to the private marketplace. “With the American taxpayers on the hook for $150 billion and counting, the bailout of Fannie and Freddie is already the most expensive component of the federal government’s intervention into the financial system.

Americans are tired of the ongoing bailout of the failed government-backed mortgage giants, and they are tired of Democrats’ refusals to address the driving force behind the financial collapse. While Democrats chose to ignore the problem last Congress, House Republicans stand ready to end the bailout and protect American taxpayers from further losses.” Read rest of story here: News New Mexico

Reigning in Fannie and Freddie