Full Committee

The Financial Services Committee, chaired by Congressman Spencer Bachus, approved legislation on Wednesday that ends two ineffective government spending programs. The bills, which terminate the troubled Home Affordable Modification Program (HAMP) and the Neighborhood Stabilization Program (NSP), prevent more than $30 billion in additional spending on the programs. Approval by the… Read more »

The Financial Services Committee, chaired by Congressman Spencer Bachus, approved bills that terminate two failed and ineffective federal foreclosure programs and cancel their $9 billion in funding. Chairman Bachus said, “We should not waste taxpayer dollars on failed government programs that do not work and actually make things worse for struggling homeowners.  These programs may… Read more »

Financial Services Committee Chairman Spencer Bachus made the following statement during a Full Committee hearing on the Federal Reserve’s semi-annual monetary policy report.   “Chairman Bernanke, welcome and thank you for your testimony today.   “Although the National Bureau of Economic Research declared the recession ended in June 2009 -- some 21 months ago -- the economy… Read more »

Financial Services Committee Chairman Spencer Bachus made the following statement during a Full Committee hearing to review the Administration’s report on housing finance. “The collapse of Fannie Mae and Freddie Mac in 2008 helped trigger a financial crisis from which our economy is still trying to recover.  A toxic combination of implicit government guarantees, lax underwriting… Read more »

Financial Services Committee Chairman Spencer Bachus announced a subcommittee hearing and full committee markup of four bills that will terminate failed and ineffective housing foreclosure programs. The four proposals – which terminate the troubled Home Affordable Modification Program (HAMP), the Neighborhood Stabilization Program, the FHA Refinance Program, and the Emergency Homeowner… Read more »

Financial Services Committee Chairman Spencer Bachus today announced the Committee will convene a hearing on the Department of Housing and Urban Development’s budget request for Fiscal Year 2012.  Secretary Shaun Donovan will be the hearing’s only witness.  The hearing will take place on Tuesday, March 1st at 2 pm in room 2128 Rayburn.   Chairman Bachus said, “America… Read more »

Financial Services Committee Chairman Spencer Bachus today announced the Committee will convene a hearing with Treasury Secretary Timothy Geithner to review the Obama Administration’s report on housing finance. The hearing will be held on Tuesday, March 1st at 10 am in room 2128 Rayburn. Chairman Bachus said, “Bringing a real end to the bailout of Fannie Mae and Freddie Mac is one of… Read more »

Published: Wednesday, 15 Sep 2010 | 8:30 AM ET  CNBC As we mark the second anniversary of the Lehman bankruptcy and the AIG bailout, I am reminded of a joke that economists tell about themselves that goes something like this:   A physicist, a chemist and an economist are stranded on an island, with nothing to eat. A can of soup washes ashore. The physicist says,… Read more »