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House Democrats appear to have no plans for dealing with the failed mortgage giants Fannie Mae and Freddie Mac, despite acting on dozens of other matters in the two months since Republicans proposed a way to rescue the two government-sponsored enterprises. So far, taxpayers have spent $145 billion to keep Fannie and Freddie solvent, and that tab is expected to go much higher.
Rep. Jeb Hensarling (R-Texas) has introduced a bill that would keep the two failed mortgage companies in government hands for the next two years. After that two-year period, the government would determine if Fannie and Freddie could continue operating as private companies. If they could, they would both be completely privatized and heavily regulated. If they proved to be non-viable, they would be dismantled permanently.
Democrats in the Senate defeated a Republican amendment to the financial regulatory overhaul that was inspired by the Hensarling bill.
Instead of offering their own plan for dealing with Fannie and Freddie, however, Democrats proposed having the Treasury Department conduct a study to figure out what to do with the failed companies. Senate Democrats approved that government study amendment.
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