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Bachus blasts Dems on Mac & Mae delay

Tuesday 1 February 2011 - by Nicola York

US House Financial Services 
Committee chairman Spencer Bachus has lambasted the Obama administration for failing to meet another deadline to set out plans for the future of mortgage giants Freddie Mac and Fannie Mae.

Bachus says it is clear the administration "cannot make any tough choices" to end the bailout of Mac and Mae.

He says: "This is yet another missed deadline for the Administration to present a plan for Fannie Mae and Freddie Mac. While there is no legitimate reason for failing to have a plan, the Democrats always offer an excuse for not meeting deadlines, even those they themselves impose.

"Taxpayers do not need more empty promises for reform, they need a real plan to stop the Administration and Treasury Department from throwing more taxpayer dollars down the Fannie and Freddie rathole."



Bachus says he will convene three hearings over the next month on government sponsored enterprise reform which will focus on how to wind down the operations of Mac and Mae.


The hearings are scheduled for 9 and 15 February and 1 March.


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