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Paulson Plan Rolls the Dice with Taxpayer Dollars
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Press Release

Paulson Plan Rolls the Dice with Taxpayer Dollars

The Congressional Budget Office (CBO) released a short analysis of the new "blank check" plan by U.S. Treasury Secretary Henry Paulson to extend taxpayer resources to Fannie Mae and Freddie Mac. The CBO letter explores some of the issues with the plan and explains that "CBO's estimate of $25 billion in [taxpayer] costs over the 2009-2010 period reflects a probability-weighted average of how large those injections might need to be, including zero as a potential outcome." CBO also noted there is "almost a 5 percent chance that the [GSE’s] added losses would total more than $100 billion."

07/22/2008
What Others are Saying About the Blank Check Mortgage Bailout
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Press Release

What Others are Saying About the Blank Check Mortgage Bailout

“The bail-out of Fannie Mae and Freddie Mac by the combined forces of the US Treasury and the Federal Reserve Board is the ugliest exercise of its kind I have ever observed outside early transition economies and mature banana republics.” - Professor Willem Buiter, London School of Economics   “The Sunday statement and plan by Secretary Paulson to rescue Fannie and Freddie is the ultimate implementation of socialism for the rich and the well connected.” - Professor Nouriel Roubini, Stern School of Business at NYU

07/21/2008
Chinese Government is Top Foreign Holder of Fannie Mae, Freddie Mac Bonds
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Press Release

Chinese Government is Top Foreign Holder of Fannie Mae, Freddie Mac Bonds

As politicians call for taxpayer bailouts and a government takeover of troubled mortgage lenders Freddie Mac and Fannie Mae, FreedomWorks would like to point out that a bailout is a transfer of possibly hundreds of billions of U.S. tax dollars to sophisticated investors and governments overseas.

07/11/2008
Housing Secretary Says FHA Elements of Dodd Mortgage Bill are "Big Mistake"
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Press Release

Housing Secretary Says FHA Elements of Dodd Mortgage Bill are "Big Mistake"

As the Senate cuts debate short on the Dodd-Countrywide mortgage bailout, the voices of concern and opposition to the misguided plan are growing. The latest concerns come from HUD Secretary Steve Preston, who criticized the bill on a media conference call yesterday. As first reported by Housing Wire, Secretary Preston highlighted changes in the bill that would undermine the Federal Housing Administration (FHA):

07/09/2008
Key Vote "No" Federal Housing Finance Regulatory Reform Act of 2008
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Press Release

Key Vote "No" Federal Housing Finance Regulatory Reform Act of 2008

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on the Federal Housing Finance Regulatory Reform Act of 2008.  On the way to doing nothing to address the fundamental problem in the housing market, this bill creates a new $300 billion taxpayer liability, creates a trust fund in perpetuity outside of budgetary oversights for political community groups, and greatly expands the Federal Housing Administration, perhaps to the breaking point.

06/17/2008
Photos: FreedomWorks Delivers More Petitions to Capitol Hill
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Press Release

Photos: FreedomWorks Delivers More Petitions to Capitol Hill

05/29/2008
Key Vote "No" H.R. 5830: The FHA Housing Stabilization and Homeownership Retention Act of 2008
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Press Release

Key Vote "No" H.R. 5830: The FHA Housing Stabilization and Homeownership Retention Act of 2008

  On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on the H.R. 5830: the FHA Housing Stabilization and Homeownership Retention Act of 2008.  The bill proposes expand the government’s role in the housing sector, creating a potential new taxpayer liability of $300 billion.

05/06/2008
Key Vote "No" H.R. 5818: Neighborhood Stabilization Act of 2008
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Press Release

Key Vote "No" H.R. 5818: Neighborhood Stabilization Act of 2008

  On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on H.R. 5818: the Neighborhood Stabilization Act of 2008. The bill, which provides $15 billion in loans and grants to states and cities to buy foreclosed properties is a prime example of out-of-control government spending that would do little to address the underlying problems in the housing sector.

05/06/2008
One Regulator to Rule Them All
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Press Release

One Regulator to Rule Them All

< p>In the midst of a market meltdown fueled by a nervous housing sector, Treasury Secretary Henry Paulson unveiled a 200-plus page blueprint for overhauling the regulatory structure of the nation’s financial institutions.  In many ways, this is a welcome and important first step toward modernizing the current patchwork of rules applied to various financial products.  At the same time, caution is required to avoid creating a regulatory monolith with sweeping new powers that can do more harm than good.  < p class="MsoNormal">       &nbs

04/16/2008
Key Vote "No" on Foreclosure Prevention Act
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Press Release

Key Vote "No" on Foreclosure Prevention Act

On behalf of hundreds of thousands of FreedomWorks members nationwide, I urge you to VOTE “NO” on the Foreclosure Prevention Act of 2008: S. 2636. The bill seeks direct federal spending, calling for taxpayers nationwide to cover the costs for those regions of the nation where housing markets were overbuilt while penalizing prudent homebuyers who chose to avoid potentially risky mortgages.

04/03/2008

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