Pelosi Statement on Measures to Restore Confidence in Fannie Mae and Freddie Mac

    WASHINGTON, July 14 /EMWNews/ -- Speaker Nancy Pelosi

issued the following statement today in response to the Bush

Administration's proposals on Fannie Mae and Freddie Mac:



    "Fannie Mae and Freddie Mac have historically played a vital role in

the supply of home mortgages for lower- and middle-income Americans, and

particularly in the current economic downturn. This weekend, Treasury

Secretary Henry Paulson proposed additional measures to restore confidence

in the strength of Fannie Mae and Freddie Mac, which we must do. It is

essential that this legislation become the law of the land.



    "Under the leadership of Chairman Barney Frank, in April 2007 and in

May of this year, the House passed significant reform of Fannie Mae and

Freddie Mac as part of comprehensive housing legislation that helps

homeowners and renters and stabilizes the housing market.



    "With Chairman Frank and Chairman Charlie Rangel again leading the way,

Congress will soon pass comprehensive housing legislation that will include

the Administration's proposals on Fannie Mae and Freddie Mac and provide

additional affordable mortgage loan options, offer new refinancing

opportunities for families at risk of foreclosure, increase the nation's

stock of affordable rental housing, and expand homeownership opportunities

for veterans living in high-cost areas.



    "The legislation also strengthens and streamlines the low-income

housing tax credit, ensuring that even more hardworking Americans will be

able to access affordable housing.



    "Creating jobs and restoring America's economic strength demands that

the President and Congress work together to stabilize the housing market

and ensure that soundness of financial markets. I look forward to working

with my House and Senate colleagues and Secretary Paulson and others in the

Bush Administration to finalize this critical housing legislation."