Political Quotes

“I rise to speak about a bill we introduced called the Residential Mortgage Market Privatization and Standardization Act. I wish to speak briefly on this bill that deals with the pressing issue that I know the Senator from Arizona probably as much as anybody in the Senate has spoken about and has championed for many years. The current dynamic permit conservatorship is not sustainable with Fannie and Freddie and the GSEs as they are today. There has been discussion about various things happening with these organizations. The FHFA, which actually regulates Freddie Mac and Fannie Mae, is begging Congress for direction but, in their words, is only getting mixed signals. Today, we introduced a bill to give a very clear direction as to what ought to happen to these major GSEs. Together, they sit atop $5 trillion in obligations, plus hundreds of thousands of our REO properties--in other words, properties they have taken back and are now overseeing throughout America. With a $5 trillion book, any mistake they make is very expensive, and obviously the taxpayers of this country know full well that billions of dollars continue to flow in these organizations to keep them afloat. Yet these organizations today are lameduck organizations with no clear guidance on their future. They really have no idea what the future holds. The organizations themselves basically are treading water.…”