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Article: REP. STEARNS VOTES AGAINST HOUSING/FANNIE MAE & FREDDIE MAC BAILOUT

Article from:
US Fed News Service, Including US State News
Article date:
July 23, 2008
Copyright

Rep. Cliff Stearns, R-Fla. (6th CD), issued the following news release:

"Although supporters of this bill claim that it entails no expense to taxpayers, the Congressional Budget Office today declared that it has direct costs of $25 billion just for the provision dealing with Government Sponsored Enterprises (GSEs)," said Rep. Cliff Stearns (R-Ocala). "This huge expense pales in comparison with the fact that it makes the American people the final guarantors of $5.2 trillion in mortgages held by Fannie Mae and Freddie Mac, with $1.4 trillion of that amount in currently non-performing loans."

The House today approved H.R. 3221, the America Housing Rescue and Foreclosure Prevention Act. This ...

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