Events announced by the Barack Obama administration will include addressing the future of Fannie Mae and Freddie Mac. The activities will likely influence the rulemaking process for the new consumer financial regulator.
A press release today from the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury indicated that a series of events is planned by the administration on the future of the housing market.
“Today, the Obama administration announced expanded opportunities for public engagement on the future of our nation’s housing finance system, including Fannie Mae and Freddie Mac,” the statement said.
The administration will host Conference on the Future of Housing Finance at the Treasury on Aug. 17. Expected attendees include “leading academic experts,” consumer and community organizations, industry groups and market participants. The format will be an open discussion about housing finance reform.
Treasury Secretary Tim Geithner called for aggressive movement “to improve our nation’s housing finance system.”
Today’s statement highlighted a set of questions issued by HUD and the Treasury in April on the future of the housing finance system. More than 300 responses were generated from a broad cross-section of consumer groups, industry groups and market participants as well as from other stakeholders.
On July 21, Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The legislation includes the creation of a consumer protection agency that will regulate mortgage lending activities. The full impact to the mortgage industry has yet to be determined through the rulemaking process.
“These responses will help provide additional input and perspective as the Obama administration moves forward to develop its comprehensive reform proposal,” the press release stated.
