The Washington Times: Dems Trying To Block Sen. McCain’s Efforts To Reform Fannie And Freddie

May 10, 2010 at 9:22 AM MST

This morning, the Washington Times Editorial Page criticized the Democrats for standing in the way of Senator McCain's efforts to reform Fannie Mae and Freddie Mac.

Here's an excerpt:

“Fannie Mae and Freddie Mac have exposed taxpayers to $5.4 trillion in risk from loan guarantees, with taxpayers already having covered $126 billion in losses. So far, Democrats have been reluctant to include tough reforms on the profligate government-sponsored enterprises in the financial regulation package currently making its way through the legislative process.

A group of Republican senators led by John McCain, Arizona Republican, last week proposed to give the housing market giants
five years either to become self-sufficient or to go out of business. They would also reduce the total amount of losses that taxpayers would cover to $400 billion.

Rather than debate the particulars of this idea, Democratic leaders appear more interested in burying any and all such changes. And no wonder. Renewed scrutiny of the two institutions would remind the public that senior Democrats were in bed, sometimes literally, with Fannie and Freddie.”

You can read the entire editorial here: