House Republicans say it’s time to end the government’s control over Fannie Mae and Freddie Mac, which were placed in government control in September 2008.

Congress must take immediate measures to minimize this cost and ensure taxpayers are never put in this situation again, Rep. Scott Garrett (R-N.J.) said in a statement. The status quo is unacceptable, which is why we will continue to seek alternative solutions to housing finance in the United States that decrease the government's exposure and get private capital off the sidelines.

A subcommittee hearing is scheduled for Feb. 9 to focus on how to transfer the power.

Meanwhile, the Treasury Department is expected to release a report on the future of Fannie and Freddie later this month, which is expected to contain options on how to replace Fannie and Freddie.

Source: “Republicans to Discuss End of Fannie, Freddie Control,” Dow Jones Business News (Feb. 2, 2011)