Political Quotes

“Mr. Chairman, as the ranking Democrat on the subcommittee over the jurisdiction of the Office of Federal Housing Enterprise Oversight, or OFHEO, I rise to speak in favor of the Hinchey amendment. This amendment would increase the amount of funding provided in the bill from $22 million to approximately $26.8 million, the full amount requested by OFHEO for the year 2001. Mr. Chairman, at this point, may I point out this has nothing to do with budget restrictions. All of this money will be paid by Fannie Mae and Freddie Mac, and they are in favor of the expenditure. OFHEO is the safety and soundness regulator of Fannie Mae and Freddie Mac. As such, Congress has charged the agency to reduce the risk of failure of the two companies in order to ensure that they are able to continue their important mission in our Nation's extremely successful housing and mortgage finance sectors. Although this organization receives its fundings from the companies it regulates and receives no taxpayer dollars, unlike other financial regulators, it is subject to the annual appropriations process. It is crucial that OFHEO have sufficient capacity to fulfill its safety and soundness oversight responsibilities. Fannie Mae and Freddie Mac continue to grow and their operations increasingly are complex. According to this regulatory agency, the two enterprises are currently exposed to more than $2 trillion in credit risk on mortgages.”