Lawmakers butted heads over their intentions for GSEs Fannie Mae and Freddie Mac at a hearing Tuesday, with Republican members of the Senate Banking Committee seeking private-sector solutions while a number of Democrats called the federal government a needed buttress in housing finance. MReport captured a look back by former President George W. Bush at the federal bailouts orchestrated by his administration during the financial crisis.
Witnesses sworn in by the committee disagreed with his assessment.
Richard Green, director and chair of the USC Lusk Center for Real Estate at the University of Southern California, read from prepared testimony that "the United States has had a history of providing guarantees" since "the origins of the republic."
He added that "[i]t is in the best interest of the country to acknowledge the existence of such guarantees," referencing the federal conservatorship of Fannie and Freddie.
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