Dems, GOP vow cooperation on Fannie, Freddie

Congressional leaders late Sunday vowed to work with the White House on legislation aimed at shoring up embattled mortgage giants Fannie Mae and Freddie Mac.

{mosads}“These enterprises play a critical role in offering the opportunity for homeownership to American families and are crucial to the global financial system,” Senate Majority Leader Harry Reid (D-Nev.) said. “Senate Democrats stand ready to work with the administration to quickly and effectively address the situation currently facing these institutions.”

Meantime, House Minority Leader John Boehner (R-Ohio) and Minority Whip Roy Blunt (R-Mo.) stated that they “stand ready to work with Secretary Paulson and congressional Democrats to take appropriate steps to ensure the soundness of our mortgage markets.”

Earlier in the day, White House spokeswoman Dana Perino had released a statement saying that Treasury Secretary Henry Paulson had met with the companies and the Federal Reserve and “outlined a plan that we believe will help add stability during this period.”

Perino added that it is “crucial that Congress quickly works to enact this legislation as a complete package along with the strong oversight reform legislation recently passed in the Senate.”