Leach targets Fannie, Freddie to bail out thrift fund

Authors :: McConnell, Bill
Garsson, Robert M.
Source :: American Banker. Oct 23, 1995, Vol. 160 Issue 204, p1, 2 p.
Publication Year :: 1995
Abstract: House Banking Committee chairman Jim Leach has proposed to transfer a $16 billion obligation from banks and thrifts to the Federal Home Loan Mortgage Corp (Freddie Mac) and the Federal National Mortgage Association (Fannie Mae) to finance the Savings Association Insurance Fund. The obligations were issued in 1987 to save the thrift insurance fund. Banking industry lobbyists supported Leach's proposal but noted that the legislation will encounter strong political opposition from Freddie Mac and Fannie Mae.<br />Seeking support for his Glass-Steagall repeal bill, Rep. Jim Leach proposed lifting a $16 billion obligation from banks and thrifts and placing it on the shoulders of Fannie Mae and [...]