An editorial from the Washington Post
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BY NOW, the Obama administration was supposed to have a plan to reform Fannie Mae and Freddie Mac, the “government-sponsored” mortgage finance enterprises (GSEs) that have been under federal control — and absorbing $126 billion in federal cash — for the past 19 months.But last week Treasury Secretary Timothy F. Geithner told the House Financial Services Committee that all he can promise is a “public comment” period starting April 15, in which the various housing interest groups — and there are a lot of them — can submit their ideas. Thereafter, at an unspecified “time of greater market stability,” legislation can be drafted, introduced and passed.In short, after a year of discussion, Mr. Geithner promises more discussion.
Read it all. It’s possible we are much better off if he does nothing.
