A long-awaited renovation of mortgage companies Fannie Mae and Freddie Mac could start to take shape this year, Treasury Secretary Tim Geithner told Congress Tuesday.
The Obama administration hopes to propose legislation to fix the nation's housing finance system within months, Geithner told the House Financial Services Committee. The government currently finances almost all home mortgages, thanks to its 2008 takeover of Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500).
A long-awaited renovation of mortgage companies Fannie Mae and Freddie Mac could start to take shape this year, Treasury Secretary Tim Geithner told Congress Tuesday.
The Obama administration hopes to propose legislation to fix the nation's housing finance system within months, Geithner told the House Financial Services Committee. The government currently finances almost all home mortgages, thanks to its 2008 takeover of Fannie (FNM, Fortune 500) and Freddie (FRE, Fortune 500).
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