Financial Services sets first Fannie, Freddie hearing

“This hearing will be the first in a series of hearings to examine the steps Congress can take right now to protect taxpayers from the ongoing bailout of Fannie Mae and Freddie Mac,” said Rep. Scott Garrett (R-N.J.), who chairs the subcommittee. “The status quo is unacceptable, which is why we will continue to seek alternative solutions to housing finance in the United States that decrease the government’s exposure and get private capital off the sidelines.”

Committee Chairman Spencer Bachus (R-Ala.) used the hearing announcement to again jab at the administration for missing its Jan. 31 deadline for a report on reforming the housing finance system.

“Just because the administration is not prepared to act on GSE reform does not mean that House Republicans will not take action,” he said. “This is the beginning of our efforts to wind down the operations of Fannie Mae and Freddie Mac in order to protect taxpayers from having even more of their hard-earned money thrown at these two companies.”

Witnesses will be announced at a later date, Republicans said.