Regulation Bill Ignores “The Big Elephant In The Room”

Bill Doesn’t Address Fannie & Freddie, The “Two Companies At The Heart Of The Housing Mania And Panic,” Which Asked For Another $19 Billion In Taxpayer Bailouts This Month
SEN. MARK WARNER (D-VA): “I Think It's A Fair Claim To Make That We Haven't Done Enough To Fully Address Fannie And Freddie. It Is The Big Elephant In The Room That Hasn't Been Addressed.” (CNBC’s “Squawk Box,” 5/10/10)

THE WALL STREET JOURNAL: “One Sign That The White House Financial Reform Is Less Potent Than Its Advertising Claims Is That It Doesn't Even Attempt To Reform The Two Companies At The Heart Of The Housing Mania And Panic, Fannie Mae And Freddie Mac.” (Editorial, “A Fannie Mae Political Reckoning,” The Wall Street Journal, 5/6/10)

This Month, Fannie & Freddie Are Asking For Taxpayer Bailouts Totaling $19 Billion
“The Rescue Of Fannie Mae And Sister Company Freddie Mac Is Turning Out To Be One Of The Most Expensive Aftereffects Of The Financial Meltdown.”  (“Fannie Mae Seeks $8.4B From U.S. After $13B Loss,” AP, 5/10/10)

“The Congressional Budget Office Estimates That The Total Drain On Taxpayers From Bailing Out Freddie Mac And Fannie Mae Will Be $389 Billion Through 2019.” (“Freddie Mac Asks U.S. For $10 Billion As Losses Pile Up,” The Washington Post, 5/6/10)

Fannie Mae Asking For A New $8.4 Billion Taxpayer Bailout
“Fannie Mae Has Again Asked Taxpayers For More Money After Reporting A First-Quarter Loss Of More Than $13 Billion. The Mortgage Finance Company, Which Was Rescued By The Government In September 2008, Said It Needs An Additional $8.4 Billion From The Government To Help Cover Mounting Losses.” (“Fannie Mae Seeks $8.4B From U.S. After $13B Loss,” AP, 5/10/10)

“The New Request For Aid Will Bring Fannie Mae's Total To $83.6 Billion.”(“Fannie Mae Seeks $8.4B From U.S. After $13B Loss,” AP, 5/10/10)

Freddie Mac Asking For A New $10.6 Billion Taxpayer Bailout
“Freddie Mac, The Bailed-Out Mortgage-Finance Giant, Reported Wednesday That It Continues To Lose Money And Needs An Additional $10.6 Billion In Assistance From U.S. Taxpayers.” (“Freddie Mac Asks U.S. For $10 Billion As Losses Pile Up,” The Washington Post, 5/6/10)

“Since Taking Over Freddie, The Government Has Provided $50.7 Billion In Help To The Company. This New Request For Funds From The Federal Housing Finance Agency, Which Regulates Freddie And Fannie, Would Push That Total To $61.3 Billion.” (“Freddie Mac Asks U.S. For $10 Billion As Losses Pile Up,” The Washington Post, 5/6/10)

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