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Bills

Congressional Legislation Details

Title as Introduced:

Campbell-Peters, Housing Finance Reform Act of 2011

Bill Number:

H.R.1859

Description:

The bill creates 5 new government-backed home mortgage agencies in place of Fannie and Freddie.

Bill Sponsor

John Campbell (REP CA)

Our Position:

We oppose this bill.

Dear Representatives Campbell and Peters,

As you know, the Government-Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac are continuing to bleed taxpayer money at an alarming rate. Treasury has already provided $154 billion to prop up the failed mortgage-finance giants. With the companies facing continued heavy losses on their mortgage investments, their regulator estimates they will need up to $200 billion more through 2013. As the price tag for the GSE bailout continues to balloon, we can all agree that that the GSEs need to be wound down as quickly and responsibly as possible. But the plan for what will replace them is vitally important – we need to get it right if we want to avoid future crises.

On behalf of 1.7 million Americans for Prosperity activists in all 50 states, I write to strongly oppose the plan you have offered to fill the void as Fannie and Freddie are gradually eliminated. The so-called Housing Finance Reform Act of 2011, H.R. 1859, merely replaces one form of disastrous government support for the mortgage market with another, and does nothing to solve the problems that contributed so heavily to the recent financial crisis and the complete debacle of the Fannie Mae and Freddie Mac bailouts.

Click here to read AFP's full letter of opposition.

Status:

Referred to the House Committee on Financial Services.

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