Kucinich to Investigate Fannie/Freddie Bailout

[AnOhioan]

"As Chairman of the Domestic Policy Subcommittee of the Committee on Oversight and Government Reform, I'm announcing that the Subcommittee will launch an investigation into the Treasury Department's recent decision to lift the current $400-billion cap on combined federal assistance to Fannie Mae and Freddie Mac, opening the way for additional, unlimited funds through the end of 2012. This investigation will include the role played by Fannie Mae chief executive Michael J. Williams and Freddie Mac chief executive Charles E. Haldeman in the decision, if any, and will seek to ensure that the additional assistance is used for homeowners and not Wall Street."

"As Chairman of the Domestic Policy Subcommittee of the Committee on Oversight and Government Reform, I'm announcing that the Subcommittee will launch an investigation into the Treasury Department's recent decision to lift the current $400-billion cap on combined federal assistance to Fannie Mae and Freddie Mac, opening the way for additional, unlimited funds through the end of 2012. This investigation will include the role played by Fannie Mae chief executive Michael J. Williams and Freddie Mac chief executive Charles E. Haldeman in the decision, if any, and will seek to ensure that the additional assistance is used for homeowners and not Wall Street."

"Many questions remain unanswered regarding this move by the Treasury. Why suddenly remove the cap? Indications are that Freddie and Fannie, even as millions of Americans lose their homes, have used just $111 billion of the $400 billion previously available to them. Is lifting the cap on assistance a back-door TARP?"

"Additionally, I want to determine whether Fannie and Freddie have a cohesive plan to buy up the under-performing mortgages that remain on the books of the big banks, at appropriate prices, and undertake a massive reworking of the terms of the mortgages so as to stem the foreclosure crisis that continues to plague our country. This new authority must be used responsibly and for the benefit of American families. This cannot be used simply to purchase toxic assets at inflated prices, thus transferring the losses to the U. S. taxpayers and acting as a back-door TARP."

http://kucinich.us/index.php?option=com_content&task=view&id=2869&Itemid=76

[LostInAnomie]

1. Just what Grover would want him to do.

FUDK

[DJ13]

2. Good for Dennis

No matter which party, lets keep cronyism in check!

[tblue]

3. Yes! Down with cronyism!!!

It's not about party. It's not about Obama. It's about what's best for the people of the US.

[girl gone mad]

4. Needs to be done.

The GSEs have functioned as a slush fund for the politically connected for some time now.

[ProSense]

5. Go Dennis

investigate something that was in the works (and public) for months: In August, the administration projected the cost for rescuing Fannie and Freddie would total $170 billion..

[girl gone mad]

8. looks like someone didn't actually read the article..

and as a result is wasting everyone's time by posting completely irrelevant links.

[ProSense]

10. Looks like someone is trying to distract.

Article, read. Links relevant. Try reading.

[pleah]

6. K&R

[Hippo_Tron]

7. I'm sure more Republicans will show up than Democrats

They have to get their daily dose of accusing Fannie and Freddie of making it possible for irresponsible (read: black) people to get loans.

[Vidar]

9. K&R.