Texas Representative, ""Jeb Hensarling"":http://hensarling.house.gov/, reconfirmed his commitment to eliminating Fannie Mae and Freddie Mac within 5 years today saying, ""We have waited for years to do something. It is time to start doing something.""[IMAGE] [COLUMN_BREAK]
Referring to the two-time rejection of his legislation by a Democrat-controlled chamber, he added, ""Hopefully, the third time is a charm.
The fourth-ranking House Republican said he would reintroduce his legislation to end the conservatorship of Fannie and Freddie within two years of passage after which the entities would enter receivership or be placed back into the market for ""limited"" operations for a maximum of three more years. Following that, the private market would take over, according to Hensarling's proposal.
The White House and Congress remain locked in a major policy debate on how to overhaul the financial system for buying U.S. homes, as behemoths Fannie and Freddie own or guarantee over half of the $10.6 trillion in U.S. mortgages. Currently, the GSEs have taken more than 134 billion in direct taxpayer aid, a number that could climb to an estimated $259 billion.