***Why don't the Democrats have a plan? Click here for Fannie, Freddie bailout timeline.*** - While Fannie and Freddie continue to hemorrhage billions of dollars, the Obama Administration and Congressional Democrats are intent on ignoring the problem and the need for action. Today, in response to a question from Ranking Member Spencer Bachus, HUD Secretary Shaun Donovan confirmed that… Read more »
On July 23, 2008, the Democrat controlled House of Representatives approved legislation to bail out Fannie and Freddie. Just a few months later, on September 7, 2008, the government took over the two Government Sponsored Enterprises. Since then, the Obama Administration has continued to throw taxpayer money at the companies and their executives, while ignoring the… Read more »
-Financial Services Committee Ranking Member Spencer Bachus made the following statement during a full committee hearing entitled "Second Liens and Other Barriers to Principal Reduction as an Effective Foreclosure Mitigation Program." "Preventing avoidable foreclosures is a serious issue for homeowners that has a great impact on our economy. A leading credit… Read more »
- House Financial Services Committee Ranking Member Spencer Bachus made the following statement during a full Committee hearing titled "Unwinding Emergency Federal Reserve Liquidity Programs and Implications for Economic Recovery." "Thank you, Mr. Chairman, for holding this hearing, and thank you, Chairman Bernanke, for your testimony. "The Federal… Read more »
- House Financial Services Committee Ranking Member Spencer Bachus today released the following statement in response to comments made by Senate Banking Chairman Chris Dodd and Chairman Barney Frank on Democrat financial regulatory reform legislation. "This morning, Chairman Frank reiterated that he still insists upon a ‘strong' consumer agency ‘that can't be… Read more »
- House Financial Services Committee Ranking Member Spencer Bachus made the following statement during a full Committee hearing on housing finance reform. "Thank you, Chairman Frank, for holding this very important - and long overdue - hearing. "It's unacceptable that, more than 18 months after the GSEs were placed in conservatorship, the Treasury Department still… Read more »
- House Financial Services Committee Ranking Member Spencer Bachus today urged Treasury Secretary Timothy Geithner and the Democrat majority to act quickly on a meaningful plan to phase out taxpayer support for Fannie Mae and Freddie Mac and restore long-term stability and private capital to the housing finance market. "The collapse of the GSEs in the summer of 2008 helped… Read more »
-Financial Services Committee Ranking Member Spencer Bachus today said Congress must immediately address what the Federal Reserve knew regarding Lehman Brothers' accounting activities, and when they knew it, as reports cite further evidence that federal regulators were made aware of illegal activity and failed to act. "As each day passes, we're finding more troubling allegations… Read more »
- House Republicans, led by Financial Services Committee Ranking Member Spencer Bachus, today released a set a principles they believe should be part of immediate legislative efforts to address the future of the Government Sponsored Enterprises (GSEs). "It is time to deal with bailed out companies, which were at the center of the mortgage market meltdown that caused the… Read more »
-Financial Services Committee Ranking Member Spencer Bachus made the following statement during a Full Committee hearing entitled "Examining the Link Between Fed Bank Supervision and Monetary Policy." "As Congress looks at ways to reform the country's financial infrastructure, we need to ask whether bank supervision is central to central banking. It is worth… Read more »
