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Boehner: Eye-Opening Report Details Gov't Mortgage Companies' Role in Financial Meltdown

Contact: Michael Steel, Kevin Smith, 202-225-4000 

WASHINGTON, Dec. 15, 2010 /Standard Newswire/ -- House Speaker-designate John Boehner (R-OH) issued the following statement in response to a report released by the Republican commissioners on the Financial Crisis Inquiry Commission (FCIC) regarding the causes of the financial crisis:

"This eye-opening report details how government mortgage companies played a pivotal role in the financial meltdown by handing out high-risk loans to families who couldn't afford them.  After years of being coddled and enabled by Washington politicians, Fannie Mae and Freddie Mac are now on life support, kept afloat by taxpayers fed up with unending bailouts.  Through the Pledge to America, Republicans have proposed saving billions for taxpayers by ending government control of Fannie and Freddie, shrinking their portfolios, and establishing minimum capital standards.  I appreciate the Republican commissioners' efforts to get to the bottom of what happened and ensure the American people have the full story about the financial crisis.  This is a report every taxpayer should read."

NOTE: Former Rep. Bill Thomas, Keith Hennessey, Douglas Holtz-Eakin, and Peter Wallison are the Republican commissioners on the FCIC.  Their report can be found here.  As the Republican commissioners state in their introduction, "these findings and conclusions do not constitute the Commission's report."