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Barney Frank Welcomes Conservative Economist’s Call for Action at the FHFA

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Washington, DC, February 17, 2012 | comments
WASHINGTON – Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about a recent op-ed in Politico co-authored by conservative economist Glenn Hubbard.  In the article, Hubbard and his colleagues argue that the Federal Housing Finance Agency (FHFA), the government conservator of Fannie Mae and Freddie Mac, should take a much more active role in helping to refinance mortgages and thus accelerate economic recovery.
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Congressman Barney Frank, Ranking Member of the House Financial Services Committee, today released the following statement about a recent op-ed in Politico co-authored by conservative economist Glenn Hubbard.  In the article, Hubbard and his colleagues argue that the Federal Housing Finance Agency (FHFA), the government conservator of Fannie Mae and Freddie Mac, should take a much more active role in helping to refinance mortgages and thus accelerate economic recovery.
  
I was pleased to note that Glenn Hubbard, former Chairman of the Council of Economic Advisors under George W. Bush, has joined efforts to convince FHFA Administrator Edward DeMarco to drop his resistance to using the GSEs to help refinance mortgages and provide a boost to the economy.  Mr. Hubbard not only makes the legal case that the FHFA has a legal mandate to support a “stable, liquid and efficient mortgage market,” but he makes a strong economic case as well.  He writes “we believe that it’s important to focus on the GSEs, since their inaction is directly tied to the slow housing recovery.”

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