Hud’s Donovan Says GSE Reform Plan Unlikely in Next Few Weeks

President Barack Obama’s administration doesn’t have a specific timetable for completing a proposal for winding down Fannie Mae and Freddie Mac and bringing private capital back into the housing market, Housing and Urban Development Secretary Shaun Donovan said today.

“We have continued to work on refining potential proposals for the GSEs,” Donovan told lawmakers at a Senate Banking Committee hearing in Washington. “We’ve been encouraged to see bipartisan legislative proposals.”

The administration has made “significant” strides toward bringing private capital back into the housing market without action from Congress, Donovan said.

To contact the reporter on this story: Clea Benson in Washington at cbenson20@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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