Protecting American Taxpayers and Homeowners Act of 2013 - PATH Act
Number of Co-Sponsors
Liberty for All's PositionMuch of the financial crisis of 2008 was caused by the mismanagement and cavalier actions of Fannie Mae and Freddie Mac. These organizations took massive ricks and made loans to individuals who should not have qualified for them due, in large part, due to the government backing of those loans. The government's implied guarantee allowed Fannie Mae and Freddie Mac to transfer the risk of poor investments to everyday Americans and made billions in the process. Instead of letting them pay for their mistakes, the government then bailed them out at massive expense to the U.S. taxpayer. Liberty For All stands steadfast in the belief that the free-market assess risk better than the government and that no bank or institution is "too big to fail." The PATH act would begin to return control of residential mortgages to the banks that provide the funds for them and would start to end the market distortions that caused these crises in the first place. This bill is one of the first bills that actually address a major cause of the financial crisis - government intervention in the market place - and its passage will spur economic growth and create a more competitive market-based lending environment.
Current StatusThe committees assigned to this bill sent it to the House or Senate as a whole for consideration on July 24, 2013.