WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), Ranking Member of the Senate Banking Subcommittee on Securities, Insurance and Investment, released the following statement on Freddie Mac reporting a $354 million loss for the first quarter:

“It has been nearly eight years since the federal government bailed out Fannie Mae and Freddie Mac. Taxpayers ultimately injected $188 billion into the GSEs, and still remain exposed to the risks posed by these Too Big to Fail institutions. Today’s announcement of a loss from Freddie Mac is yet another reminder of why we need to reform our housing finance system now.”

From 2008 to 2012, Freddie Mac received $71.3 billion in Treasury aid in order to survive the financial crisis.

In 2014, with Sen. Bob Corker (R-TN), Sen. Warner sponsored comprehensive housing finance reform that passed the Banking Committee, 13-9.