House Republicans Launch Campaign to End Fannie, Freddie

House Republicans announced eight bills Tuesday that would shut down troubled mortgage agencies Fannie Mae and Freddie Mac, which are now operating on government life support, Politico reports.

Rep. Spencer Bachus (AP photo)

The White House and Democrats in Congress agree with Republicans that Fannie and Freddie should be eliminated. But last year’s Democratic-controlled Congress failed to do so.

“Today marks the start of a process — a process to begin winding down Fannie Mae and Freddie Mac,” House Financial Services Committee Chairman Spencer Bachus said Tuesday. “Over the course of the next few months, my colleagues and I on the Financial Services Committee will introduce multiple rounds of very specific, very targeted bills to end the bailouts, protect the taxpayers and get private capital off the sidelines.”