Geithner Urges Congress To Overhaul Fannie, Freddie
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.
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.
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