WASHINGTON – December 11, 2014 – (RealEstateRama) — Rep. Randy Neugebauer (R-TX), Chairman of the House Financial Services Subcommittee on Housing and Insurance, released the following statement today after the Federal Housing Finance Agency directed Fannie Mae and Freddie Mac to allocate funding for the Housing Trust Fund and the Capital Magnet Fund:
“I am outraged by Director Watt’s decision to fund the Housing Trust Fund at a time when taxpayers remain on the hook for the operations of Fannie and Freddie. To add insult to injury, today’s decision comes at the eleventh hour just before Congress finishes its legislative work for the 113th Congress. The timing could not be more suspect.
“Recent history should serve as a reminder that failed government housing policy can have catastrophic consequences for hardworking American taxpayers and the overall health of our economy. This is déjà vu all over again. Director Watt may have forgotten the path of destruction left by the GSEs, but the American people have not. $16 trillion in wealth destruction which shattered dreams of early retirement for millions, countless boom and bust cycles that have wreaked havoc on the emotions of families across the country, and nearly $200 billion of taxpayer funded bailouts that plunged the nation further into debt. I look forward to working with my colleagues on the House Financial Services Committee to hold the Agency accountable and conduct further oversight.”