House GOPs: Where are Obama’s Fannie Mae and Freddie Mac overhaul plans?

Two House Republicans are criticizing the Obama administration for not presenting an overhaul plan for Fannie Mae and Freddie Mac, the two home loan giants continuing to receive massive taxpayer bailouts.

Republican Reps. Darrell Issa (Calif.) and Jim Jordan (Ohio) said it is “unacceptable” that the administration has not detailed how the companies should be restructured. The administration was expected in its 2011 budget to present a policy for the future of the companies, but the administration was silent on the two firms that needed to be bailed out under the weight of heavy real estate losses.

{mosads}Treasury Secretary Timothy Geithner testified last week that the administration would not present a plan until 2011.

Issa and Jordan said the administration’s lack of a plan is a “broken promise” and the two members are calling for the House Committee on Oversight and Government Reform to hold hearings into the firms.

“It appears that the administration is using Fannie and Freddie as a backdoor conduit for appropriating billions of dollars of taxpayer money without the consent of Congress,” the members write in a letter dated March 1. “If that is true, the American people have a right to learn about it in a transparent public forum where those responsible for the policy can be held accountable.

Their letter comes as Republicans ramp up their criticism of the administration’s handling of Fannie and Freddie. House Republicans last week introduced legislation to compel the administration to put on budget the full extent of the obligations for Fannie and Freddie. The two firms have trillions of dollars in outstanding debt.