Treasury Secretary Henry Paulson proposed creating utilities that would have a limited role in making funds available for mortgages. The highly regulated utilities would replace Fannie Mae and Freddie Mac. In his last scheduled speech as Treasury secretary, Mr. Paulson discussed ways to revamp the housing-finance system. As part of a broader overhaul of the regulatory system, lawmakers are planning to reconsider Fannie and Freddie. Officials of President-elect Barack Obama's transition team have not said much about the mortgage system, and negotiations over the future of Fannie and Freddie are in early stages.