Citizens Against Government Waste Statement on GSEs Report
WASHINGTON--(BUSINESS WIRE)--Sep 6, 2019--
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:
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.
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Ally Abrams (202) 467-5310
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SOURCE: Citizens Against Government Waste
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PUB: 09/06/2019 01:40 PM/DISC: 09/06/2019 01:41 PM