Bunning takes his case on Freddie and Fannie to the air

U.S. Sen. Jim Bunning (R-Southgate): Getty Images PhotoU.S. Sen. Jim Bunning (R-Southgate) will appear on the Fox Business channel at 7pm ET this evening to discuss the proposed federal rescue plan for the troubled mortgage finance lenders, Freddie Mac and Fannie Mae.

Bunning has emerged as a chief critic of the bailout plan currently before Congress, recently classifying it as "socialism" because of the extensive proposed government investment in the lenders.

The two firms are the subject of considerable worry given well-publicized troubles in the mortgage market. In recent weeks, shares in the two have undergone significant fluctuation, leading to President Bush's proposal of a rescue plan.

The plan - supported principally by Treasury Secretary Henry Paulson - would allow Freddie Mac and Fannie Mae to borrow from the Treasury and also permits the government to buy equity in the lenders.

"The Treasury Secretary is now asking for a blank check to buy as much Fannie and Freddie debt, or equity, as he wants," said Bunning last week.

A Congressional Budget Office estimate released today put a potential $25 billion price tag on the plan, but also suggested the chances of the line of credit provision not being used by the lenders was "probably better than 50 percent.

Secretary Paulson has suggested the two lender's stability is integral to the stability of the entire financial market.

Freddie Mae and Fannie Mac guarantee upwards of half of the nation's home mortgages.

Bunning appeared on the Fox Business network earlier today, as well, making a 2pm stop.