A top Obama administration official wouldn't spell out its plans for reforming Fannie Mae and Freddie Mac but said the goals of any program will be to ensure available mortgage credit, housing affordability, consumer protection and financial stability.
Assistant Treasury Secretary Michael Barr told a House subcommittee that when the ministration sends its overhaul plan to Congress by January, the new structure will be different from the one that failed but will provide stability to the housing finance system.
"As we figure out what the new system should look like, we shouldn't disrupt the market and the ability of people to afford a home," Barr told the House Financial Services Subcommittee on Capital Markets at a Sept. 15 hearing.
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