Senator Bob Corker on Wednesday released a statement on a Federal Housing Finance Agency (FHFA) Office of Inspector General (OIG) report titled, “The Continued Profitability of Fannie Mae and Freddie Mac Is Not Assured.”
He said, "The OIG report recognizes congressional action is needed to define what role the government-sponsored enterprises (GSEs) should play in the housing finance system and cautions that “future profitability is far from assured.
“Today’s report strengthens my long-held belief that one of the biggest issues for Congress to address, and the last major unfinished business from the 2008 financial crisis, is passing comprehensive legislation to wind down Fannie Mae and Freddie Mac. Much bipartisan effort has been put forth, and for Republicans to have a majority in Congress and not take action would be completely irresponsible.”
Legislation first introduced by Senator Corker and Senator Mark Warner (D-Va.) in June 2013, the Housing Finance Reform and Taxpayer Protection Act of 2014 (S.1217), passed the Senate Banking Committee in May by a vote of 13 to 9.