Your Legislators: Garrett Says Government Should End Mortgage-Backing Policy

Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, has publicly stated he has major concerns with the government underwriting mortgage powerhouses Fannie Mae and Freddie Mac, which he says is contributing to billions in unnecessary taxpayer expenses every quarter.

“It will be the goal of this subcommittee to ensure that we put an end to this destructive and costly housing finance policy and replace it with a system going forward that protects taxpayers and actually strengthens communities instead of destroying them," Garrett said.

He stated the goals in reform should be to "protect taxpayers," end the bailout, get private capital "off the sidelines", and reduce the government's exposure to the housing market.