GOP’s Toomey Seeks Democratic Help to Free Fannie, Freddie
- He unveils principles to end U.S. control of mortgage giants
- He signals openness to federal guarantee of mortgage bonds
Sen. Pat Toomey, R-Pa.
Photographer: Sarah Silbiger/The Washington Post/AP PhotoThis article is for subscribers only.
Republican Senator Pat Toomey released a set of guidelines to end government control of Fannie Mae and Freddie Mac that would need support from Democrats to advance, the latest stab at resolving the biggest outstanding issue from the 2008 financial crisis.
Legislation to overhaul Fannie and Freddie must “foster a liquid secondary mortgage market while protecting taxpayers and promoting equitable access for all lenders,” Pennsylvania’s Toomey, the Senate Banking Committee’s top Republican, said in a Monday statement.