Bean Dropped the Ball on Fannie-Freddie

Melissa Bean dropped the ball on Fannie Mae and Freddie Mac--in fact her proposals would have made their eventual failure even worse. From the Steve Greenberg campaign:

Bean’s Ties to Fannie Mae and Freddie Mac Continue to Deepen

Attempted to Increase Fannie’s and Freddie’s Role in the Housing Market Despite the Looming Economic Crisis

LAKE ZURICH, IL 10/30/08 – Five months after undermining potential regulation of Fannie and Freddie with her “Bean-Neugebauer” amendment, Bean introduced a bill seeking to increase the portfolio caps of the mortgage giants by 10%. Bean’s solution to the mortgage crisis, HR 3777, was to “boost Fannie Mae’s and Freddie Mac’s investment in the roiling mortgage market”¹ at a time when regulators were attempting to restrict the Government Sponsored Enterprises (GSEs) to protect the economy.

Thankfully, the bill never even made it out of committee, but it further affirms Bean’s lack of economic foresight and her willingness to cozy up with special interests.

“My opponent has a troubling history of siding with Fannie Mae and Freddie Mac while ignoring the potential damage to hard-working American families’ pocketbooks,” stated Congressional Candidate Steve Greenberg. “Fannie and Freddie played a large role in leading our nation into this economic crisis, and if Melissa Bean had her way, the damage to our economy would have been even worse when they failed.”

Melissa Bean’s attempts to increase Fannie Mae’s and Freddie Mac’s portfolios cement her role in the economic crisis, as many economists point to the mortgage giants as major contributors to the economic downturn. Even former President Bill Clinton said, “I think the responsibility the Democrats have may rest more in resisting any efforts by Republicans in the Congress or by me when I was President to put some standards and tighten up a little on Fannie Mae and Freddie Mac.”²

Steve Greenberg is the Republican Nominee for Congress in the 8^th Congressional District of Illinois. A successful businessman from Long Grove, IL, Steve will reform Washington by giving the power back to the people, allowing them to make decisions for their own family. He will cut taxes, eliminate government waste, fight for lower gas prices and work to ensure the safety of our families.

1. http://www.house.gov/apps/list/press/il08_bean/071010GSEHR3777.html

2. http://www.digitaljournal.com/article/260301