LOUISVILLE, Ky. (AP) - U.S. Sen. Jim Bunning says a proposal in
Congress aimed at shoring up troubled mortgage giants Fannie Mae
and Freddie Mac "smacks of socialism."
The Kentucky Republican took a swing at the proposal on Tuesday
- the same day that Congress' top budget analyst says a federal
rescue of the mortgage giants could cost taxpayers up to $25
Bunning's criticism puts him at odds with the Bush
administration, which is urging Congress to quickly approve the
support package. Fannie and Freddie guarantee or own almost half
the country's home mortgages.
In a conference call with Kentucky reporters, Bunning said the
government shouldn't insure free-market risk. He said Treasury
Secretary Henry Paulson is trying "ram down" his proposed fix for
Fannie and Freddie.
(Copyright 2008 by The Associated Press. All Rights Reserved.)