Timothy Geithner, secretary of the Treasury Department, told the House Financial Services Committee that the White House wants to maintain aspects of Fannie Mae and Freddie Mac that are effective while overhauling those that are not. Republicans have called for the government-sponsored entities to be privatized, a move Geithner and the Obama administration are resisting. However, Geithner said the government's role in the housing market could be more limited. Rep. Barney Frank, chairman of the House panel, convened the hearing to discuss an overhaul of Fannie and Freddie.

Related Summaries