Geithner Urges Congress To Overhaul Fannie, Freddie

Published by: Dave Simmons on 1st Mar 2011 | View all blogs by Dave Simmons
Geithner Urges Congress To Overhaul Fannie, Freddie

US Treasury Secretary Timothy Geithner said on Tuesday that the Obama administration is pushing Congress to pass new legislation that would overhaul the two government-controlled mortgage giants, Fannie Mae and Freddie Mac, over the next two years.

In prepared testimony before the House Financial Services Committee, Geithner warned that failing to act in the next two years would likely increase the level of uncertainty in US financial markets.  Geithner also warned, however, that acting too quickly could cripple the housing finance industry, jeopardizing the nation's economic recovery as a whole.

Between them Fannie and Freddie currently own or guarantee about half of all US mortgages.  Both companies came perilously close to collapsing in 2008 before the government seized them and kept them afloat with $150 billion in taxpayer aid.  President Obama has consistently expressed a desire to reduce the government's role in the housing finance market.

Comments

0 Comments

     
Please login or sign up to post on this network.
Click here to sign up now.

Latest DT's

  • View DT's
    Here's a great bio that Full in Bloom did for the band Possessedhttp://fullinbloommusic.com/biography-possessed.html View DT's
    3 years ago by Geno
  • View DT's
    Rated: PG-13 In Theaters: January 24th Director: Stuart Beattie Starring: Aaron Eckhart, Bill Nighy, Yvonne ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: January 10th Director: Renny Harlin Starring: Kellan Lutz, Gaia Weiss, Scott Adkins View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: December 4th Director: Scott Cooper Starring: Christian Bale, Casey Affleck, Zoe Saldana, Sam ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: December 13th Director: Peter Jackson Starring: Ian McKellen, Martin Freeman, Richard ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: January 3rd Director: Gregory Plotkin Starring: Andrew Jacobs, Jorge Diaz, Gabrielle Walsh View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: TBD In Theaters: February 7th Director: George Clooney Starring: George Clooney, Matt Damon, Bill Murray, Cate ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: PG-13 In Theaters: January 17th Director: Tim Story Starring: Ice Cube, Kevin Hart, John Leguizamo, Bruce ... View DT's
    3 years ago by dallaseste
  • View DT's
    Rated: R In Theaters: January 17th Directors: Matt Bettinelli-Olpin, Tyler Gillett Starring: Allison Miller, Zach ... View DT's
    3 years ago by dallaseste

Top Authors

Subscribe