- CNTV English - CCTV News

US Treasury Secretary urges housing sector reform

08-18-2010 13:38 BJT

Watch Video

Play Video

U.S. Treasury Secretary, Timothy Geithner, is calling for fundamental reform of the nation's housing sector. Geithner made the remarks at a conference on housing finance in Washington D.C. on Tuesday. He also says it's important for the government to continue guaranteeing mortgage loans.

The Obama administration is calling for fundamental change at Fannie Mae and Freddie Mac, and looking for ideas for an overhaul plan in January.

At a conference billed as a listening session, and attended by the mortgage sector's top lenders and investors, Treasury Secretary Tim Geithner spoke about the role of the mortgage finance giants in the economic collapse.

Tim Geithner, US Treasury Secretary said "These strategies were not the sole cause of the financial crisis but they made the crisis worse and they resulted in huge losses for the taxpayer and these were avoidable failures and it is our responsibility to make sure that we create a system that is not vulnerable to these same failures happening again."

Options range from full nationalization at one extreme to privatizations with no government support at the other.

It's been almost two years since the government rescued Fannie and Freddie from collapse, and since then the two firms have received nearly 150 billion dollars in taxpayer bailout money.

The housing market continues to suffer, US housing starts rose at a much weaker pace than expected in July, and permits hit a 14 month low.

The problems with Fannie Mae and Freddie Mac were not addressed in the recent Wall Street reform legislation, a gap which has been criticized by Republicans.

Editor:Xiong Qu |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program