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Pelosi Statement on Measures to Restore Confidence in Fannie Mae and Freddie Mac
Monday, July 14, 2008
Contact:Brendan Daly/Nadeam Elshami, 202-226-7616
Washington, D.C. - Speaker Nancy Pelosi issued the following statement today in response to the Bush Administration’s proposals on Fannie Mae and Freddie Mac:
“Fannie Mae and Freddie Mac have historically played a vital role in the supply of home mortgages for lower- and middle-income Americans, and particularly in the current economic downturn. This weekend, Treasury Secretary Henry Paulson proposed additional measures to restore confidence in the strength of Fannie Mae and Freddie Mac, which we must do. It is essential that this legislation become the law of the land.
“Under the leadership of Chairman Barney Frank, in April 2007 and in May of this year, the House passed significant reform of Fannie Mae and Freddie Mac as part of comprehensive housing legislation that helps homeowners and renters and stabilizes the housing market.
“With Chairman Frank and Chairman Charlie Rangel again leading the way, Congress will soon pass comprehensive housing legislation that will include the Administration’s proposals on Fannie Mae and Freddie Mac and provide additional affordable mortgage loan options, offer new refinancing opportunities for families at risk of foreclosure, increase the nation’s stock of affordable rental housing, and expand homeownership opportunities for veterans living in high-cost areas.
“The legislation also strengthens and streamlines the low-income housing tax credit, ensuring that even more hardworking Americans will be able to access affordable housing.
“Creating jobs and restoring America’s economic strength demands that the President and Congress work together to stabilize the housing market and ensure that soundness of financial markets. I look forward to working with my House and Senate colleagues and Secretary Paulson and others in the Bush Administration to finalize this critical housing legislation.”
