GOP congressmen to unveil proposal to revamp Fannie Mae and Freddie Mac

WASHINGTON, D.C. – Republican members of the House Financial Services Committee, including N.J. Rep. Scott Garrett, will hold a press conference Tuesday to unveil their plan to reform government-sponsored enterprises Fannie Mae and Freddie Mac.

Garrett, who is chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, will unveil the GOP plan at a press conference here that also will include Reps. Jeb Hensarling of Texas, David Schweikert of Arizona, and Judy Biggert of Illinois, among others.

Housing finance agencies Fannie Mae and Freddie Mac were placed under government control after their collapse during the financial meltdown of 2008.

The Treasury has announced it plans to sell its portfolio of mortgage-backed securities. Acquired in 2008 and 2009, they are primarily 30-year, fixed, mortgage-backed securities guaranteed  by those housing finance entities.

GOP congressmen to unveil proposal to revamp Fannie Mae and Freddie Mac