Patrick McHenryChairman

 

“As recent statistics show, our housing markets remain very fragile. Housing is a tremendously important part of our economy and of consumer spending. We cannot revive the overall economy until we fix the housing market. Congress must take action – thoughtful and deliberative action which we are starting with the introduction of a number of measures to immediately address the failures of Fannie Mae and Freddie Mac. 

“Two years ago, we released a set a principles to protect taxpayers from further losses and future bailouts. We suggested ways to build a stable housing finance system based on private capital, and we introduced a bill outlining how to privatize Fannie Mae and Freddie Mac in a responsible way. During the regulatory reform conference, we offered amendment after amendment to end the GSE bailout and fix these troubled companies. Each of our proposals was rejected by the then-Majority of this Committee and the problem was ignored.

“But the problem did not go away. In fact, it’s gotten worse. The taxpayer-funded bailout of Fannie Mae and Freddie Mac is growing. It stands at 150 billion dollars right now and the Federal Housing Finance Agency predicts it could ultimately reach more than 360 billion dollars.

“That’s why Committee Republicans have introduced more proposals for reforms – reforms that will end the taxpayer-funded bailouts, put Fannie Mae and Freddie Mac on a path toward privatization, and fix our housing finance system. 

“These proposals, and others that will be reviewed by the Committee, will allow us to develop a comprehensive plan that stops more taxpayer dollars from being thrown at these two companies.

“I commend Chairman Garrett for his leadership and I yield back the balance of my time.”