If the Congress had its way, it will recoup the money the government spent to save state-backed mortgage-finance agencies from insolvency.

Lawmakers revealed that they will be holding hearings in September to find ways to recover some of the $145 million the government has spent so far on the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corp. (Freddie Mac).

Rep. Paul Kanjorski, D-Pa., said that the Congress wishes to find “innovative ideas for recovering the costs.” The statement came just after the Treasury announced that it will hold a conference on August 17 for the overhaul of the mortgage system.

Apart from the plan to find methods to recoup taxpayers’ money, legislators also want to examine more ways to improve the country’s system of providing mortgages. Some analysts believe that such reform can lead to significant changes in Fannie Mae and Freddie Mac, or even their eventual abolition.

Congress is seeking “a complete restructuring of the tangle of housing finance tools so that we move forward in a way that protects taxpayers, prevents economic turmoil, and appropriately serves all aspects of the housing market,” Rep. Barney Frank, D-Mass., said.

Fannie Mae and Freddie Mac guarantee some $5 trillion-worth of home loans. This is equivalent to about half of all the mortgages in the country, or around 31 million home loans.

Do you agree with lawmakers’ plans to recoup government expenses on the mortgage finance firms? Share your views on our forums. Log in now or enter your email below to register.