Digital Media Net - Your Gateway To Digital media Creation. News and information on Digital Video, VR, Animation, Visual Effects, Mac Based media. Post Production, CAD, Sound and Music
Categories: News

Citizens Against Government Waste Statement on GSEs Report

WASHINGTON–(BUSINESS WIRE)–#FannieandFreddie–Today, Citizens Against Government Waste (CAGW) President Tom Schatz released the following statement regarding the Department of the Treasury’s reform plan for the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac:

“On September 6, 2008, the nation’s largest housing government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, were placed into conservatorship. Since then, the GSEs have benefitted from weak oversight and lax regulatory supervision, engaged in risky strategies, and conducted activities beyond the limits of their statutory authority, while taxpayers remain on the hook for $5.3 trillion in mortgage obligations. Eleven years is long enough. With the release of this report, the Department of the Treasury has sent a clear message that it is time to reform the housing finance system.”

Highlights from the report include:

  • Protecting taxpayers against bailouts through stringent capital and liquidity requirements
  • Restricting mission creep and promoting competition in the mortgage finance system
  • Transparency in the approval process for the GSEs’ pilot programs that focuses on public input
  • Restructuring affordable housing mandates
  • Limiting the GSEs’ footprint in the multifamily lending portfolios
  • Requiring the GSEs to pay a commitment fee for an explicit government guarantee
  • Clarifying the roles of the GSEs and the Federal Housing Administration
  • Ending the net worth sweep

CAGW looks forward to working with the Trump administration and Congress to put the GSEs on a sustainable path out of conservatorship and shield taxpayers from the risk of another bailout.

Citizens Against Government Waste is the nation’s largest nonpartisan, nonprofit organization dedicated to eliminating waste, fraud, abuse, and mismanagement in government.

Contacts

Ally Abrams (202) 467-5310

Staff

Recent Posts

Juniper Research: Virtual Card Transaction Volumes to Surpass 121 Billion Globally by 2027; Driving Adoption of Contactless Payment Methods

BASINGSTOKE, England--(BUSINESS WIRE)--#virtualcardsmarket--A new study from Juniper Research has found the number of virtual card…

59 mins ago

Itron and SmartThings Join Forces to Unlock Utility Energy Analytics for Carbon Reduction

Collaboration Combines Industry Leading IoT Platforms to Enhance Value for Utilities and Consumers LIBERTY LAKE,…

10 hours ago

Frontdoor, Inc. to Announce Third-Quarter 2022 Results

MEMPHIS, Tenn.--(BUSINESS WIRE)--Frontdoor, Inc. (NASDAQ: FTDR), the nation’s leading provider of home service plans, today…

10 hours ago

The Bat-Family Returns: WEBTOON and DC Announce Season 2 of Batman: Wayne Family Adventures

The smash hit Eisner Award-nominated digital comic will return on September 28 LOS ANGELES--(BUSINESS WIRE)--WEBTOON,…

13 hours ago

LAIKA Partnering With Topaz Farm for Autumnal Corn Maze in Honor of 10th Anniversary of Its Movie ParaNorman

HILLSBORO, Ore.--(BUSINESS WIRE)--#httpstwittercomLAIKAStudios--In honor of the 10th Anniversary of the theatrical release of ParaNorman, LAIKA…

13 hours ago

Following the 4LegalLeads.com Integration with Clio, It Has Now Become Easier for Law Firms to Seek New Clients and Manage Leads

This integration will allow law firms to import their Web Leads and Live Calls directly…

16 hours ago