Garrett Responds to Obama Administration Report on Reform of Fannie Mae and Freddie Mac

Press Release

Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement today after the Obama administration released its report on reforming Fannie Mae and Freddie Mac:

"For too long, Fannie Mae and Freddie Mac have been allowed to run wild at great financial expense to American taxpayers. Already on the hook for $150 billion and counting, the American people are fed up with the ongoing bailout of these failed institutions. The most important thing we can do right now -- this very instant -- is end the bailout and protect taxpayers from further losses.

"I'm encouraged to see the administration included a number of reform ideas that track closely with my own. While there are obviously going to be some differences between the administration's long-term vision and my own, I look forward to working with Secretary Geithner and President Obama to find a solution we are all amenable to. I think we can all agree the status-quo is unsustainable and housing finance reform in the United States is way overdue."

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