WASHINGTON, D.C. (Press Release) - Congressman Randy Neugebauer (R-TX) Chairman of the House Financial Services Subcommittee on Oversight and Investigations issued the following statement today concerning the Department of the Treasury's Report to Congress regarding Fannie Mae and Freddie Mac:
"I am encouraged with the Obama Administration's acknowledgement that there needs to be significantly more private market participation and private capital in the housing finance market, and their proposed steps to wind down Fannie Mae and Freddie Mac. There are many aspects of the plan that are aligned with my own suggestions.
"We must now roll up our sleeves and get to work. For every day we do not do so, the taxpayers will continue to suffer terrible losses from Fannie and Freddie in their current state. Congress, together with the Administration, must act quickly and effectively to plug this drain on American's pocketbooks. Make no mistake, the days of the U.S. Government's involvement in the home mortgage market should be numbered."
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