Washington, DC -- U.S. Representative Judy Biggert (R-13th-IL), Chairman of the House Financial Services Subcommittee on Insurance, Housing and Community Opportunity, today issued the following statement after the U.S. Department of Treasury released a long-awaited report outlining options for reforming the housing finance sector, including the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac:

           “Democrat leaders refused to reform Fannie and Freddie last year, opting instead to wait for this report.  Now that the wait is over, I hope we can move quickly to translate this broad policy menu into a concrete plan.  I am pleased that the Treasury is finally recognizing that taxpayers cannot continue to shoulder the financial risks associated with Fannie and Freddie.  These failed mortgage giants have already cost taxpayers $150 billion in bailouts, and ending that cycle requires that the government extract itself from its position as the primary source of capitol for the housing sector.  I stand ready to work with my colleagues on both sides of the aisle to examine the Administration’s recommendations and forge a plan that will protect taxpayers, restore private investment in housing, and create stability.  Our goal should be to choose a path that will quickly and prudently wind down the government’s role and restore stability to the housing market.”

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