Bachus: Dems drag their feet on reform of Fannie Mae and Freddie Mac – NMP Skip to main content

Bachus: Dems drag their feet on reform of Fannie Mae and Freddie Mac

Jul 28, 2010

House Financial Services Committee Ranking Member Rep. Spencer Bachus has made the following statement regarding the announcement by the Obama Administration that it will convene a conference on the future of housing finance in August: "The Administration continues to drag its feet in providing Americans with a much-needed exit strategy from Fannie Mae and Freddie Mac. Instead of ending the GSE bailout, the Administration has twice increased its size and scope, costing the taxpayers $145 billion and counting. "In March, House Republicans introduced a plan to end the taxpayer-funded bailout and reform Fannie Mae and Freddie Mac. Republicans also tried to add GSE reform to the Democrats' financial reform bill, but the Democrats blocked our efforts every time. "The Democrat strategy of ‘planning to plan' does nothing to end these bailouts, and the time for asking questions and scheduling academic forums is over. Real action is needed before the November election to get Fannie Mae and Freddie Mac off of the backs of taxpayers, and that's exactly what House Republicans have offered." Financial Services Committee Republican-sponsored legislation includes: ►Comprehensive financial regulatory reform legislation (HR 3310) introduced by Ranking Member Bachus and committee Republicans to phase out taxpayer subsidies of Fannie Mae and Freddie Mac over a number of years and end the current model of privatized profits and socialized losses. ►A bill (HR 4476) introduced by Ranking Member Bachus to limit the compensation of Fannie Mae and Freddie Mac executives to the rates of pay for executive and senior level employees of the U.S government. ►Two bills (HR 4450 and HR 4581) sponsored by Rep. Judy Biggert, the Ranking Member of the Oversight and Investigations Subcommittee, to establish an Independent Inspector General within the Federal Housing Finance Agency, the GSEs' regulator, and to require regular reports to Congress outlining taxpayer liabilities, investment decisions, and management details of Fannie Mae and Freddie Mac. ►A bill (HR 4889) introduced by Rep. Jeb Hensarling, the Ranking Member of the Financial Institutions Subcommittee, to end the government conservatorship of Fannie Mae and Freddie Mac, and phase out taxpayer support; and ►Two bills (HR 2896 and HR 4653) introduced by Rep. Scott Garrett, the Ranking Member of the Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee, to facilitate a robust covered bonds market in the U.S. and to put the two GSEs on budget. For more information, visit bachus.house.gov.
About the author
Published
Jul 28, 2010
Jobs Report Comes In Weak After Mortgage Rates Surge

Employers added just 29,000 jobs in September, sending Treasury yields lower and offering a potential counterweight to the recent rise in mortgage rates

Oct 02, 2026
Price Cuts Hit Four-Year High As Mortgage Rates Top 7%

More than one in five listings took a price cut in September, but pending sales still posted their sharpest annual decline since March 2025

Oct 01, 2026
Serious Mortgage Delinquencies Rise 19% After Five Months Of Improvement

ICE data shows 574,000 mortgages were at least 90 days past due in August, while early-stage delinquencies remained below year-ago levels

Sep 29, 2026
Smaller Down Payments Give Buyers More Room, But Rates Limit The Savings

The typical down payment fell 9% from a year ago, while shifting market conditions are giving originators different affordability conversations across the country

Sep 25, 2026
Mortgage Rates Break 7% Just As Builders Find A Way To Move Buyers

New-home sales rose 6.4% in August as builders cut prices, offered incentives, and sold more lower-priced homes. Now mortgage rates are moving against buyers again

Sep 25, 2026
Borrowers Want Digital Closings, But Some Originators Remain Hesitant

ServiceLink finds 45% of surveyed LOs cite borrower reluctance as a barrier, even though most recent buyers say digital options would influence their choice of mortgage provider

Sep 23, 2026