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Unformatted text preview: chairman of the Financial Services Committee, says its necessary to shut down these companies, even if its painful for borrowers. He explains how there is an addiction to government funding, and the only way to end it is to start eliminating companies such as Fannie Mae and Freddie Mac. I agree with this explanation and support the termination of these companies, because Bachus is correct, we have to start somewhere. By continuing to support these companies and their purpose, we are driving our economy into a much worse-off place in the future. Where most want to put an end to the two companies, the Obama administration wants to replace them with some new form of federal subsidy. After suggesting this idea, the administration is required to present Congress with a proposal by January. Their plan involves a much-discussed possibility of a new form of government insurance, which will include lenders paying the government to absorb catastrophic losses....
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- Fall '10