News Home
Foxx Grills Fannie Mae and Freddie Mac Executives
Washington, DC,
December 10, 2008
Representative Virginia Foxx verbally ripped into Fannie Mae and Freddie Mac executives on Tuesday at a Congressional hearing in Washington.
Written by Adam Hicks Representative Virginia Foxx verbally ripped into Fannie Mae and Freddie Mac executives on Tuesday at a Congressional hearing in Washington. Foxx asked them to account for the failures of the organizations they led and the costs carried by average Americans as a result of the government takeover of Fannie and Freddie. According to yesterday’s hearings, more than 40 percent of Fannie and Freddie's loans are "junk loans" for a total of $4.63 trillion in potentially bad debt. With the federal government's takeover of these lenders, taxpayers are ultimately on the hook for the cost of these bad loans. |
