Providing For Consideration of H.R. 5072, FHA Reform Act of 2010

Floor Speech

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Mrs. BIGGERT. I rise today on behalf of thousands of Americans who, through YouCut, have overwhelmingly asked that Congress address one of the most egregious examples of Washington's fiscal irresponsibility, the ongoing bailouts of Fannie Mae and Freddie Mac.

These two failed mortgage giants directly fueled the financial turmoil that has cost millions of Americans their jobs, their savings, and their homes. Already, bailouts of Fannie and Freddie have cost taxpayers $145 billion, with a final tab estimated to reach over $380 billion, more than the entire TARP bailout.

Despite these alarming facts, the Democrat overhaul proposals designed to address the financial crisis completely ignore the two most visible and costly contributors to the crisis. Madam Speaker, there are two 800-pound gorillas named Freddie and Fannie in this room. They are responsible for over $5 trillion for outstanding liabilities, and they are now owned by the taxpayers. The American people cannot afford the risk, and they are tired of watching Congress fail to act.

Today, with the support of thousands of YouCut participants, we have an opportunity to save taxpayers $30 billion or more by taking immediate action to reform the failed mortgage giant. I urge my colleagues to vote against the bailouts and show the American people that Congress is listening.

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