Posted on 04/03/2011 9:24:58 PM PDT by rabscuttle385
WASHINGTON (Dow Jones)--Two Senate Republicans joined an effort to rapidly wind down government controlled mortgage titans Fannie Mae (FNMA) and Freddie Mac (FMCC), hoping to put pressure on Democrats to take action soon.
Sens. John McCain (R., Ariz.) and Orrin Hatch (R., Utah) introduced a bill Thursday to wind down or privatize Fannie and Freddie over the next five years. Their bill mirrors one introduced earlier this month by Rep. Jeb Hensarling (R., Texas).
"The events of the past three years have made it clear that never again can we allow the taxpayer to be responsible for poorly managed financial entities who gambled away billions of dollars," said McCain, a longtime critic of the two mortgage giants. "The time has come to require them to stand on their own two feet."
(Excerpt) Read more at online.wsj.com ...
Does the U.S. government count, McRino?
FLASHBACK: McCain's bold new mortgage plan isn't new (2008-10-07)
WASHINGTON (MarketWatch) -- John McCain proposed a bold new idea to save America from the worst financial crisis in 70 years: Have the federal government buy bad mortgages and modify them to keep people in their homes.
At the second presidential debate on Tuesday....McCain said he'd protect home values by ordering the Treasury secretary to "immediately buy up the bad home loan mortgages in America" and renegotiate the terms so people could stay in their homes.
"I know how to do that, my friends," McCain said. 'And it's my proposal, it's not Sen. Obama's proposal, it's not President Bush's proposal."
FLASHBACK: McCain leans on Clinton on mortgage plan, Ayers (2008-10-09)
McCain said in an interview aired on ABC News this evening that Clinton proposed a similar plan for the government to directly buy distressed mortgages to help people keep their homes.
FHA
If the McCain-Hatch plan is said to mirror the plan of Jeb Hensarling (R-TX) I think, hands down, I would go with Hensarling! What is the Maverick’s need now? Poor Hatch. He’s been peddaling backward since the November elections! He is trying to make up lost ground after decades of RINO work.
Like Reagan used to say, who cares who gets credit as long as the right thing is done. Get after it.
So you like Fannie and Freddie now??
Ditto..
It appears to be the common occurance of submitting in the Senate a bill similar to a bill submitted in the House.
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