Guest Blogger: Rep. Peter Roskam (R-IL) on Fannie Mae and Freddie Mac

Rep. Peter Roskam /

Rep. Peter Roskam (R-IL)

In the last week, the government-backed mortgage finance giants Fannie Mae and Freddie Mac asked the taxpayer for $19 billion to stay afloat.  Add that to the $127 billion in bailouts they have already received since September 2008, and we are now talking about a whopping $146 billion of your hard-earned tax dollars being used to prop up these failed entities.  In more than a year and a half we have heard nothing from the Administration about a plan to implement real reforms to stop the bleeding.  This Democratic Congress, in the midst of a debate on financial regulatory reform, is completely silent on the issue.

Instead of showing leadership on this issue, the Democrat Majority in Congress has chosen to duck Fannie and Freddie reform, putting off hard decisions for later.  According to Senator Christopher Dodd, reform will have to wait until the “next wave” of legislation. (more…)