GOP Bill Would End Backing of Freddie, Fannie

Friday, 01 Apr 2011 07:46 AM

  Comment  |
   Contact  |
  Print  
|  A   A  
  Copy Shortlink
A group of Republican lawmakers introduced a bill Thursday to end government backing of the mortgage giants Fannie Mae and Freddie Mac, the Salt Lake Tribune reported Friday.

Arizona Sen. John McCain and Utah Sen. Orrin Hatch, House Republican Conference Chairman Jeb Hensarling, R-Texas, and Budget Chairman Spencer Bachus, R-Ala., co-sponsored legislation that would wind down the government’s role in two years.

gop, bill, fannie, freddieHatch said it’s time to take Fannie and Freddie “off government life-support.”

“This has to change,” Hatch said Thursday. “The American people are fed up. They’re sick of it.”

McCain said the two companies should be put on a level playing field with other mortgage lenders that the government isn’t propping up.

“The time has come to require them to stand on their own two feet,” McCain said.

The new legislation, which Bachus said he would schedule for a hearing soon, also would require increasingly higher down payments for mortgages, starting with 5 percent down in the first year the measure became law and rising to 10 percent in the third year to “increase the quality of all loans.”

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print  
  Copy Shortlink
Send me more news as it happens.
 
 
Get me on The Wire
Send me more news as it happens.
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Passengers Push Plane on Icy Russian Runway (With Help of a Tractor)

Wednesday, 26 Nov 2014 20:45 PM

Passengers on a Russian plane got off to push the aircraft to help get it on the runway after it began slipping on ice i . . .

Bernie Tiede, Convicted Murderer Mortician, to Get New Sentencing

Wednesday, 26 Nov 2014 17:39 PM

Bernie Tiede, the mortician who was convicted of killing his companion Marjorie Nugent in 1996, will receive a new sente . . .

Chrysler Pentastar Logo Getting Phased Out With FCA Formation

Wednesday, 26 Nov 2014 15:51 PM

Chrysler's iconic Pentastar logo is being phased out as the company introduces a new logo in keeping with the newly form . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved