The undersigned consumer, civil rights and fair housing organizations commend U.S. Treasury Secretary Paulson, Federal Reserve Board Chairman Bernanke and  leaders of the Senate Banking and House Financial Services Committees, for acting quickly to provide for stand-by support to Fannie Mae and Freddie Mac, the two governmentsponsored housing enterprises (or GSEs).  This support reaffirms the importance of the two companies in providing liquidity and stability to the housing market during this tumultuous period.

The U.S. economy has a deep stake in the success of Fannie Mae and Freddie Mac as companies with an essential public mission.  As history has shown, both GSEs are vital to the long-term health and success of our nation’s housing finance system. Furthermore,   their public mission activities have been and must continue to be instrumental in expanding opportunities for homeownership and affordable rental housing for consumers.

The establishment of a strong independent regulator, as provided for by the housing measure pending before Congress, will serve to maintain public confidence that Fannie Mae and Freddie Mac remain safe and sound and thus able to continue to carry-out their vital public mission.  Immediate action on GSE regulatory reform signals that Fannie Mae and Freddie Mac functions are essential to the housing market and to consumers.

Center for Responsible Lending Consumer Action Consumer Federation of America Consumers Union Lawyers’ Committee for Civil Rights Under Law Leadership Conference on Civil Rights League of United Latin American Citizens (LULAC) Mexican American Legal Defense Fund (MALDEF) National Association of Consumer Advocates National Association of Neighborhoods National Community Reinvestment Coalition National Consumer Law Center (on behalf of its low-income clients) National Council of La Raza National Fair Housing Alliance National Low Income Housing Coalition National Urban League Opportunity Finance Network