WASHINGTON, DC – (RealEstateRama) — Financial Services Committee Chairman Jeb Hensarling (R-TX) made the following statement regarding Fannie Mae and Freddie Mac’s recent transfer of over $180 million to the Housing Trust Fund.
“In taking this action, Director Watt has made a grave mistake that harms hardworking taxpayers and violates both the letter and spirit of the law. Fannie Mae and Freddie Mac were at the epicenter of the 2008 financial crisis that threw millions of Americans out of work and destroyed trillions of dollars of household wealth. The nearly $200 billion bailout of Fannie and Freddie is still the biggest, costliest taxpayer-funded bailout in history, and contrary to what some claim, they have yet to ‘repay’ taxpayers one thin dime. Diverting assets from taxpayers to housing trust funds re-invites the same politically directed lending abuses that have characterized the broken GSE model and sows the seeds for the next housing crisis.”