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Sen. Bob Corker pleased President Barack Obama backs mortgage plan

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Senator Bob Corker. Photo by Doug Strickland/Times Free Press. Senator Bob Corker. Photo by Doug Strickland/Times Free Press.
CHATTANOOGA, TN (Times Free Press) -

U.S. Sen. Bob Corker is welcoming President Barack Obama's announcement that he is backing a bipartisan Senate effort the Tennessee Republican helped craft seeks to strengthen America's housing finance system and shield taxpayers from bearing the brunt of future economic meltdowns.

It "gives me hope that we actually deal with Fannie and Freddie before the political season begins this January and makes it very difficult for anything to occur," Corker told Times Free Press editors and reporters Tuesday.

Some five years after the mortgage crisis struck government-sponsored enterprises Fannie Mae and Freddie Mac and required a $200 billion federal bailout, Obama said it's time to reduce government's risk in any future crisis.

With the real estate market now coming back and Fannie Mae and Freddie Mac beginning to pay off their loans, Obama agreed officials should start phasing out the two companies.

Read more from our news partners at the Chattanooga Times Free Press.

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