After losing almost $72 billion over the last two years, taxpayer-owned Freddie Mac today reported the net loss of another $6.7 billion in the first quarter of 2010. Congressman Tom Price (R-GA) issued the following statement questioning Democrats’ refusal to reform the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, and end their reckless taxpayer bailout.

“While Democrats falsely claim their financial reform plan will end the bailouts, they do absolutely nothing about Fannie Mae and Freddie Mac, who are still hemorrhaging money left and more left,” said Congressman Price. “Financial reform absolutely must address the reckless mortgage lending made possible by Fannie and Freddie, which was at the root of the financial crisis. Fannie and Freddie’s business model of privatizing profits while socializing losses must not be allowed to continue.

“To date, the Treasury and the Federal Reserve have provided Fannie and Freddie a $2 trillion bailout. That they continue to suffer financial losses shows the fundamental weakness of a political economy in which Washington picks winners and losers. House Republicans have a plan to eliminate Fannie and Freddie’s enormous taxpayer subsidies and force them to compete on a level playing field like every other company. It should not be the responsibility of hardworking American taxpayers to continue to foot the bill for the Democrats’ culture of permanent bailouts.”