Rep. Scott Garrett (R-NJ), Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement today after introducing the Protecting American Taxpayers and Homeowners Act (PATH Act), H.R. 2767, a bill that would create a sustainable housing finance system.
"Approximately five years ago our nation was hit with an unprecedented financial crisis. Today, I am pleased to be introducing legislation that continues the process of addressing the core cause of it--the government's misguided efforts at allocating mortgage credit through Fannie Mae and Freddie Mac.
"The federal government's domination of the housing finance market has left taxpayers on the hook for $5.1 trillion in mortgage guarantees. The PATH Act finally takes control away from Washington bureaucrats and allows the American people the freedom to have more choices in determining which mortgage best suits their needs.
"I want to thank Chairman Hensarling and my colleagues on the House Financial Services Committee for their continued leadership and assistance in reaching out to Members of Congress and industry stakeholders to help incorporate many of the ideas and suggestions that others had to offer.
"The PATH Act will finally end the largest bailout in history and will put our country back on a path to a sustainable housing finance market that benefits both taxpayers and homebuyers. I urge its swift passage by Congress and look forward to it being signed by the President."