News Column

Rep. Royce: Taxpayers Still Holding an IOU from Fannie & Freddie, Need to be Paid Back First

June 10, 2014



Washington, D.C. - U.S. Representative Ed Royce (R-Calif.) released the following statement on his amendment to H.R.4745, the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act of 2015, which was agreed to by voice vote today:

"This straight forward amendment would prohibit Fannie Mae and Freddie Mac from using funds to pay housing advocacy groups through the Housing Trust Fund, at a time when they still owe money to the American people," said Rep. Royce. "As the housing market has begun to recover, so too have Fannie and Freddie's profits and housing advocates are pressuring the Federal Housing Finance Agency (FHFA) to get a piece of the taxpayer-funded pie. Without passage of this amendment, FHFA Director Mel Watt could turn on that spigot at any moment. Paying back taxpayers for their bailouts should be the utmost priority at this time, not the continuance of failed housing advocacy programs and government-sponsored mortgage monopolies."

Rep. Royce's amendment would prohibit Fannie Mae and Freddie Mac from using funds to pay housing advocacy groups or others through the Housing Trust Fund. Beginning in 2008, the U.S. taxpayers have bailed-out the GSEs to the tune of $189 billion and that number that is expected to grow to over $200 billion by 2015.

For more information, contact Saat Alety at Saat.Alety@mail.house.gov or (202) 225-4111.

Read this original document at: http://royce.house.gov/news/documentsingle.aspx?DocumentID=384026


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Source: Congressional Documents & Publications


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