Jeb Hensarling rips Fannie Mae's request for a $3.7 billion 'bailout'

Jeb Hensarling rips Fannie Mae's request for a $3.7 billion 'bailout'

House Financial Services Chairman Jeb Hensarling on Wednesday called for the termination of Fannie Mae's government-sponsored enterprise charter, after the mortgage giant asked for a $3.7 billion loan from the government.

Hensarling called for legislation this year to reform the housing finance system.

In 2013, his panel voted to advance legislation that would have shuttered Fannie and Freddie and reformed the secondary market for mortgages.

Hensarling also called for Fannie to cease its contributions to affordable housing trust funds.

In 2014, Obama-appointed Federal Housing Finance Agency director Mel Watt allowed Fannie Mae and Freddie Mac to begin contributing to the funds, which conservatives have criticized as slush funds for favored groups.

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