In testimony before the House Budget Committee on Feb. 24, U.S. Treasury Secretary Timothy Geithner said that the Obama Administration will not release its detailed legislative plan for reforming the government-sponsored enterprises (GSE), Fannie Mae and Freddie Mac, until next year.
Later this year, however, they intend to issue broad principles outlining what the “ideal” housing finance system would accomplish. The Administration originally said it would outline its plans for the GSEs when it released its budget proposal in February.
Meanwhile, the House Financial Services Committee initiated what will be a long-term effort to reform the housing finance system with a March 23 hearing on the topic.
Bob DeWitt, Vice Chairman, CEO and President of GID Investment Advisers, testified on behalf of NAA and NMHC during the hearing that a government-supported secondary market is absolutely critical to the apartment industry if it is to continue to meet the nation's demand for affordable and workforce housing.