Government Financial Reform Bill Passed by House – Fannie Mae and Freddie Mac Mortgage Giants Remain an Issue for Senate
Posted on | June 30, 2010 | Comments Off
Recently we have seen the Government financial reform bill passed by the House but it will not pass the Senate before the July 4 weekend. Unfortunately, the Senate will push this back until after the extended holiday weekend which will delay the process of getting the bill to Pres. Obama’s desk.
One of the major issues with the government financial reform bill has been how to address Fannie Mae and Freddie Mac. These guarantors yours have US mortgages have received over $145 billion in taxpayers money and they continue to struggle. Just last week they were delisted from the New York Stock Exchange.
Over the next several weeks we will begin to learn much more about the government financial reform bill which will tighten oversight on the financial sector. It will very likely be the case that many financial firms will not be able to make as many easy profits as they did in the past.
What it will also do is help many Americans better understand their financial positions when it comes to debt and bank fees. Ultimately, Pres. Obama’s working very hard to help common Americans keep money in their bank accounts and not throw them away to random fees.
Author: Mike Garner
Tags: fannie mae reform bill > financial reform > financial reform bill > freddie mac reform bill > government financial reform > government financial reform bill > house reform bill