Frannie Mae and Freddie Mac Now Have a Blank Check | Print | E-mail
Written by Charles Scaliger
Tuesday, 29 December 2009 17:22
Little noticed (so far) by the American public, a Christmas Eve announcement by the Obama administration to expand the amount of bailout monies available to ailing mortgage giants Fannie Mae and Freddie Mac is already stirring controversy among Capitol Hill lawmakers sick of fueling the bailout gravy train at the expense of an increasingly restive voter base.

"The timing of this executive order giving Fannie and Freddie a blank check is no coincidence," Rep. Spencer Bachus of Alabama, the ranking Republican on the House Financial Services Committee, told the Wall Street Journal. The announcement was timed, Bachus added, “to prevent the general public from taking note.â€