Rep. Garrett Says Freddie Mac’s Third Quarter Losses is back to business as usual

the staff of the Ridgewood blog

WASHINGTON, D.C. – Rep. Scott Garrett, Chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement after Freddie Mac posted a third quarter loss of nearly half a billion dollars:

“We’re back to business as usual at mortgage giant Freddie Mac. Its third quarter losses are a harsh reminder of the not so distant past where its monumental failures cost hardworking American taxpayers untold billions of dollars. It’s not fair to expose American families to Fannie and Freddie’s liabilities, and it’s not fair to reward executives at these government-sponsored enterprises with huge salaries while taxpayers are on the hook for more bailouts. We need to stop the bailouts and limit executive pay as long as Fannie and Freddie’s misguided leadership continues to cost Americans money.”