Talk Radio News Service: News, Politics, Media

By Benny Martinez - University of New Mexico/Talk Radio News Service

Treasury Secretary Timothy Geithner told the House Financial Services Committee that reforms to the housing finance system should come within months, not years.

Geithner said that changes are necessary to stabilize the housing market and added that a number of proposals have already been put forth as part of financial regulatory reform.

Reform to the two major government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, must expand to the reform of broader housing policies, according to Geithner.

“Any restructuring of Fannie Mae or Freddie Mac is part of the reform of the wider housing finance system,” Getihner said.

The Treasury Department and the Obama administration intend on developing a comprehensive reform plan for delivery to Congress in the coming months. A list of questions to acquire input from all stakeholders will be submitted by April 15, 2010.

Geithner said that the administration “will seek to work closely with the Congress, on a bipartisan basis, prior to finalizing a comprehensive reform plan.”