The White House, President George W. Bush Click to print this document

For Immediate Release
Office of the Press Secretary
July 13, 2008

Statement by the Press Secretary

Fannie Mae and Freddie Mac play an important role in our housing finance system, and they should continue to play this role in their current forms as shareholder-owned companies.

This evening, after working with the companies, the Federal Reserve, and other regulators, Treasury Secretary Paulson outlined a plan that we believe will help add stability during this period. President Bush directed Secretary Paulson to immediately work with Congress to act on this plan.

It is crucial that Congress quickly works to enact this legislation as a complete package along with the strong oversight reform legislation recently passed in the Senate.

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