The House Financial Services Committee – which I chair – is looking for people to share their opinions on Fannie Mae and Freddie Mac. Do you think it is fair for you and millions of other hard-working taxpayers to be on the hook for future bailouts of Fannie Mae and Freddie Mac? If you don’t think this is fair, we want to hear from you. Fannie Mae and Freddie Mac are the poster children of corruption, where former executives used Enron-style accounting gimmicks to trigger millions in bonuses while offloading their toxic assets onto Main Street. Almost $200 billion in bailouts (the biggest in history) and five years later, it is time to phase them out. Because of Fannie and Freddie and the government’s over-sized role in the market, our nation’s housing finance system is unsustainable. Unsustainable for you, the hardworking taxpayer, unsustainable for our nation’s economy and unsustainable for our future generations. Unfortunately, without action, things will only get worse. Not only will Washington elites soon decide what mortgage is best for you and your family, but it will also be more expensive. CoreLogic has warned that only half of today’s mortgages would comply with the bureaucratic Dodd-Frank rules that go into effect in just 172 days. If you don’t think this is fair, we want to hear from you. • Should Congress phase out Fannie and Freddie and put an end to their nearly $200 billion bailout? • Should taxpayers be forced to guarantee peoples’ home mortgages? • Should bureaucrats and Washington elites move forward with regulations that would result in fewer mortgages being written that middle class families could actually afford? • One study shows that because of these regulations, mortgage interest rates could rise 1-4%. Would that make it harder for Americans to buy homes? We’re working to end the bailout, end government’s domination of the housing finance market, and give consumers not Washington bureaucrats more choices in determining which mortgage product best suits your needs. Our plan is called the Protecting American Taxpayers and Homeowners Act -- the PATH Act. Unless we take bold and and decisive action, Americans will never have the sustainable housing finance system they deserve. This begins with ending Fannie and Freddie’s almost $200 billion bailout and preventing Washington elites from deciding who can and can’t get a mortgage. We want to know what you think about our plan to protect hardworking taxpayers from being on the hook for more than $5 trillion in mortgage guarantees- roughly one-third the size of our economy. As this debate continues, we look forward to sharing more information about our plan with you as it moves through the open and transparent legislative process- like good public policy should. Sincerely, Chairman Jeb Hensarling House Financial Services Committee hensarling.house.gov (202) 225-3484 – DC (903) 675-8288 – Athens (214) 349-9996 – Dallas
Posted on: Wed, 24 Jul 2013 15:52:13 +0000
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