Frank Statement on Treasury Action Regarding Fannie Mae and Freddie Mac

Washington, DC - House Financial Services Committee Chairman Barney Frank (D-MA), today released the following statement on the Treasury Department's action regarding Fannie Mae and Freddie Mac:

            "Late yesterday I spoke to Secretary Paulson and he informed me that the Treasury Department intends to use the powers that Congress provided it to ensure the continued and stable functioning of Fannie Mae and Freddie Mac. I am pleased by the Secretary's strong reaffirmation that the vital roles these institutions play in our nation's housing markets must continue.

            "While I don't know the details of the proposed interventions, I expressed to the Secretary that I will evaluate them in three dimensions: protecting the American taxpayers; restoring stability to the financial markets; and ensuring the continued availability of affordable housing."