Chuck Schumer: “this amendment only singles out two companies, Fannie Mae and Freddie Mac, which have an important mission…”

“this amendment only singles out two companies, Fannie Mae and Freddie Mac, which have an important mission: homeownership in our States, moving out regional imbalances in the mortgage supply, integrating regional mortgage markets. If this amendment is passed, here is what happens: The housing markets are hurt. At a time when we are worried about our housing markets, we are worried about a housing bubble that may burst, we are worried about so many parts of the housing market, to pull the rug out from under Fannie Mae and Freddie Mac, which have done an incredible job, would make no sense whatsoever. All the other corporations are not talked about here, just Fannie and Freddie. Therefore, I think this amendment deserves to be defeated. Mr. President, the pending amendment is not germane. Therefore, I raise a point of order pursuant to sections 305(b)(2) and 310(e) of the Congressional Budget Act of 1974. The PRESIDING OFFICER. The point of order is well taken. The amendment falls. Under the previous order, the Senator from Arkansas is recognized. Amendment No. 2652”