U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Banking, Housing, and Urban Affairs Committee, today made the following statement regarding the White Paper released by the Obama Administration concerning the future of Fannie Mae and Freddie Mac. The White Paper was a requirement of the Dodd-Frank Financial Reform legislation.
“I am pleased that the Administration admits what Congressional Democrats have long denied – that Fannie and Freddie were poorly designed, poorly regulated, and behaved like a government-backed hedge fund. The report, however, lacks details and any sense of urgency.
“Changing the structure of our housing finance market will be a significant undertaking. Fortunately, our new Chairman has made housing finance reform one of his top priorities. I join with Chairman Johnson and look forward to ending further taxpayer bailouts and establishing a more resilient housing market.”