Pimco's Bill Gross Will Be Panelist at Obama's Conference on U.S. Housing

Bill Gross, manager of the world’s biggest bond fund at Pacific Investment Management Co., is scheduled to be a panelist at an Obama administration conference Aug. 17 on the future of the U.S. housing finance system, the Treasury Department said.

“Across the spectrum, stakeholders agree that our current system of housing finance requires fundamental reform,” Jeffrey Goldstein, the Treasury’s undersecretary for domestic finance, said in a statement today in Washington.

Executives from Wells Fargo & Co. and Bank of America Corp., the largest U.S. mortgage lenders, are also set to attend the conference, where Treasury Secretary Timothy F. Geithner and Housing and Urban Development Secretary Shaun Donovan will moderate discussions on “critical issues surrounding housing finance reform,” according to the statement.

Geithner has said the Obama administration plans to offer “a comprehensive reform proposal” for the housing finance system including mortgage giants Freddie Mac and Fannie Mae by January. The two companies, which own or guarantee more than half the $11 trillion U.S. residential debt market, have been sustained by more than $140 billion in Treasury aid since they were placed under U.S. conservatorship in 2008.

To contact the reporter on this story: Brendan Murray in Washington at brmurray@bloomberg.net

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email