Congresswoman Maxine Waters, D-Calif., announced her opposition to the controversial PATH Act, a Republican bill that would unwind Fannie Mae and Freddie Mac, removing significant government supports within the secondary mortgage market.

"Housing finance reform is a serious undertaking and American taxpayers deserve a thoughtful, bipartisan approach to such an important issue," Waters said.

Waters led Democratic opposition to the bill, explaining that a government guarantee is necessary to preserve the affordable, 30-year, fixed-rate mortgage.

"I am committed to working with all of my Democratic colleagues to preserve the 30-year, fixed-rate mortgage and support affordable rental housing," she continued. 

 "Whenever the Chairman is ready to take housing finance reform seriously, I am ready to work with him too," Waters added.