DODD STATEMENT ON ADMINISTRATION'S PLAN FOR FANNIE MAE & FREDDIE MAC

WASHINGTON, DC – Senator Chris Dodd (D-CT), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today issued the following statement:

“There are still many unanswered questions about the Administration’s plan, and Americans deserve to know if this unprecedented proposal will help keep mortgages affordable, stabilize the markets, and protect taxpayer interests.  Furthermore, we need to understand the circumstances which led the Administration to change course.  Just weeks ago, Secretary Paulson testified that he thought he would never use this authority – a message he reiterated until very recently.

“In the coming days, I will invite the architects of this plan to come before the Banking Committee to provide Members of Congress and the public with more information.  This Administration has presided over the greatest financial crisis in 70 years.  Americans need to know if this plan will alleviate, not deepen, our current economic problems.”

 

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