Merkley Calls Federal Takeover of Fannie Mae, Freddie Mac "Important First Step"

House Speaker Jeff Merkley, candidate for U.S. Senate, issued the following statement on the federal takeover of Fannie Mae and Freddie Mac:

"American families have been hit with economic crisis and our government must move to provide security. For years the Republican leadership has failed to hold the mortgage industry accountable, which has resulted in dramatic economic uncertainty for the country and disaster for many families and businesses.

"This latest move should ensure liquidity in the market and protect opportunities for American families and businesses to access mortgages and prosper.

"The federal takeover of Fannie Mae and Freddie Mac is an important first step to provide security, but it must be followed by real oversight and aggressive industry reforms that protect consumers from bad mortgages and financial scams. We must eliminate pre-payment penalties and hidden steering payments that threaten families and businesses. Too many consumers have been financially ruined by these practices and it is time for Washington to stand up to industry lobbyists and do what's right for American families and businesses."

Posted September 8, 2008
Press