Congress looks at mortgage finance reform

Posted on March 2, 2011 by Bob Berwyn

Treasury Secretary Timothy Geithner testifies on reforming the mortgage finance industry. Click on the picture to watch C-Span video of the House Financial Services Committee hearing.

Obama administration calls for shrinking government’s role in housing market, phasing out Fannie Mae and Freddie Mac and larger downpayments

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: , , , , , , , , , , | 1 Comment »

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