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Friday, April 1, 2011

Something Must be Done to Fannie Mae and Freddie Mac-------Senator McCain, Posted by Meosha Eaton

By Williams Ekanem

Republican Senator John McCain on Thursday said that something has to be done about Fannie Mae and Freddie Mac.

That is why, according to him, he is co-sponsoring the bill to end bailout of the companies. The bill is being re-introduced for the third time according to Congressman Jeb Hensarling R-Texas, to put the companies on a path towards privatization because the failures of the two government-sponsored enterprises have directly cost tax payers more than $150 billion.

Also speaking, Financial Services Committee Chairman, Spencer Bachus said, “reforming Fannie Mae and Freddie Mac is a top priority for commerce. The bill vice chairman, Hensarling has proposed a fulfillment of the commitment Republicans made when we urged Democrats to include reform in their bill to restructure financial services regulation. Republicans will continue to offer solutions that wind down the operations of Fannie Mae and Freddie Mac in order to protect the taxpayers from another bailout and to reform the entire housing finance system.”

“The very essence of the American dream is to leave your children with more freedom, greater opportunity and a higher standard of living than you enjoyed. Part of that dream is to own a home, Hensarling said. “Our goal is to help home-buyers stay home-owners, and free taxpayers of the burden that comes when homes get sold to buyers who simply cant afford them.”

Hensarling’s GSE reform legislation was originally introduced in 2008. Similar legislation was included in the Republican financial reform legislation H.R 3310, the Consumer Protection and Regulatory Enhancement Act. It was reintroduced in march 2010 and was later offered as an amendment to the Democrat’s financial regulatory reform bill now known as Dodd-Frank. Senator McCain offered an amendment to the financial regulation bill that was modeled after Hensarling’s legislation.

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