Opening remarks from Sen. Tim Johnson, D-SD, at a Monday Banking hearing focused on the Federal Housing Finance Agency (FHFA): 

“FHFA is tasked with regulating two of the largest entities in the mortgage market, Fannie Mae and Freddie Mac, which together backstop approximately $5 trillion in mortgages and help support the nearly $11 trillion U.S. mortgage market. 

 “Unfortunately, that market is now supported by $170 billion in assistance from the taxpayers. As we’ve heard from other witnesses before this Committee, the mortgage market would be even worse-off than it is today if they had not been placed into conservatorship during the Bush Administration. 

“But as we have said over and over again, we need to find ways to end the need for future support without destabilizing the housing market further.”