delayed until after the obamagastic SOTU speech, in other words.
Treasury Delays Report on Fannie and Freddie ReformA Treasury Department report on the future of U.S.-owned mortgage companies Fannie Mae and Freddie Mac will be delivered to Congress in the first half of February, rather than by the end of this month as prescribed under the Dodd-Frank regulatory overhaul law, an official said.
Washington-based Fannie Mae and Freddie Mac of McLean, Virginia, have been surviving on taxpayer aid since they were taken over by the federal government in 2008 amid mounting losses linked to subprime mortgages. They have drawn more than $150 billion in taxpayer funds to remain solvent.
Under Dodd-Frank, signed by President Barack Obama in July, the administration was to deliver a proposal for ending the losses and restructuring the nation’s mortgage finance system before the end of January.
Treasury Secretary Timothy F. Geithner instead will deliver the report in mid-February so the timing won’t interfere with the president’s State of the Union speech tomorrow and Obama’s budget proposal the week of Feb. 13, according to an administration official who spoke on condition of anonymity because the timing hasn’t been made public.
Treasury spokesman Steve Adamske declined to comment today on the timing of the report or its contents.
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