Senator McCain Introdices Bill to Reform Fannie and Freddie

Real Estate Sales Representative with Wizards of Waz Real Estate

Senator John McCain (R - AZ) recently introduced a bill that aims to end the taxpayer bailout of Fannie Mae and Freddie Mac and move towrds getting the government out of the housing business in the next two years.

I haven't looked into all of the details yet but the aim of the bill is to "relinquish the agencies' affordable housing goals, shrink the size of agency portfolios to $250 billion over five years, reduce the conforming loan limit to pre-crisis levels and increase guarantee fees."

I am not necessarily the biggest fan of my home state Senator and am always skepticalof what the hidden agenda might be, but this appears to be a step in the right direction. I especially like his comment on why he introduced the bil: "The events of the past three years have made it clear that never again can we allow the taxpayer to be responsible for poorly managed financial entities who gambled away billions of dollars."

If only it were true!!


Comments (1)

Cindy Logan
Mark 1 Real Estate Advisors - Huntington Beach, CA

Let's hope this is successful.  The banks are profitable and the taxpayers are still bailing them out.  Makes no sense.

Apr 05, 2011 01:41 AM