WASHINGTON, D.C. – The Office of House Republican Whip Eric Cantor (R-VA) today issued a video news release that sheds light upon the Democrats' "dirty little secret", mortgage giants Fannie Mae and Freddie Mac.
Transcript For “The Democrats' Dirty Little Secret”
Voiceover: They call it “reform.”
But before the crisis hit, Democrats refused to reform Fannie Mae and Freddie Mac.
Among those who stood in the way of reform: then-Senator Barack Obama.
And now? The Fannie/Freddie bailout has already cost taxpayers $127 billion, and taxpayers are on the hook for hundreds of billions more.
And the Obama Administration continues to secretly bail out Fannie and Freddie using taxpayer dollars, which means that taxpayers guarantee more than $1.7 trillion of Fannie Freddie debt and more than $5 trillion in mortgages.
President Obama said, “Every day we don’t act, the same system that led to bailouts remains in place, with the same loopholes and the exact same liabilities.”
Why doesn’t the same standard apply to Fannie and Freddie?
Because it’s the Democrats’ dirty little secret: Fannie and Freddie.