By Summit Voice
SUMMIT COUNTY — The taxpayer-financed $150 billion bailout of the housing finance industry has triggered a serious push to reform the system, with Treasury Secretary Timothy Geitner leading the charge by calling on Congress to pass a law that would dissolve Fannie Mae and Freddie Mac, the government-controlled home mortgage companies.
Appearing before the House Financial Services Committee, Geitner outlined the administration’s plan for “unwinding” Fannie and Freddie over the next five to seven years and sharply reducing the government’s role in the housing market in the future. The plan also recommends requiring larger down payments on home purchases. Click here to watch a C-Span video of the hearing. (more…)
Filed under: Colorado, economy, federal government, real estate | Tagged: economy, Fannie Mae, Federal Housing Administration, Federal Housing Finance Agency, Freddie Mac, home mortgage financing, politics, Real estate economics, Summit County News, Timothy Geithner, United States House Committee on Financial Services | 1 Comment »