Housing Finance Report to Be Reviewed

This story appeared in Bank Digest.

The Financial Services Committee has announced that it will convene a hearing to review the Obama Administration's report on housing finance on March 1. Committee Chairman Spencer Bachus, R-Ala., said, “Bringing a real end to the bailout of Fannie Mae and Freddie Mac is one of the most important tasks for the Committee.” He asserted that comprehensive reform of housing finance “must include FHA and have as its ultimate goal a system based on private capital, not taxpayer subsidies.”

In a related matter, the Financial Services Committee will also convene a separate hearing on the Department of Housing and Urban Development's budget request for Fiscal Year 2012 on March 1. Committee Chairman Spencer Bachus, R-Ala., said “America will not win the future if our children are forced to inherit a mountain of debt. While our national debt has skyrocketed in recent years, HUD's budget has increased steadily from $32 billion in Fiscal Year 2005 to this request by President Obama for $48 billion in spending. Our Committee will closely scrutinize HUD programs with the goal of identifying needed spending cuts and eliminating inefficient and duplicative programs.”