Jacksonville Daily Progress
U.S. Rep. Jeb Hensarling will probably discuss his attempts to shut down mortgage guarantee giants Fannie Mae and Freddie Mac with Rotar-ians today during a special "High Noon" lunch at The Woods.
Hensarling, R-Texas, and House Republicans recently introduced a bill to drastically reduce the government's involvement in the mortgage finance system, the Associated Press reported.
Members of the GOP contend results of this bill will benefit consumers while also creating competition and innovation in the private sector.
Additionally, the bill is expected to give borrowers more choices.
Analysts be-lieve Hensar-ling's bill will virtually privatize the the mortgage market.
Hensarling, a fifth District U.S. Represen-tative, is well known for his heart-to-heart exchanges with constituents over topics ranging from Obamacare to immigration – to even the drug war in Mexico.
Hensarling's Wednesday lunch appearance before the Rotary group has been confirmed by both his Athens office and an email from Rotary president Randy R Gorham.
Hensarling visits Jacksonville periodically when conducting his “roundtable discussion” sweep of the Fifth District.
In the words of the Associated Press, Fannie Mae and Freddie Mac, are “the government-controlled mortgage guarantee giants that were rescued by a $187 billion taxpayer bailout during the financial crisis.”
The two entities are blamed by the GOP for inflating the market before the housing crash and even contributing to the boom-bust cycle.
Hensarling contends his plan “puts private capital at the center of the housing finance system, ends the bailout of Fannie Mae and Freddie Mac and sustains the 30-year fixed rate mortgage - all goals the president today says he supports,” the AP reported.
The fiscal conservative's bill recently cleared his committee without any Democratic votes and is expected to get a House vote in the next few months.