Today, the Obama administration issued a press release announcing new details regarding a conference to be held on August 17, 2010, to discuss comprehensive housing finance reform. Under Secretary of the Treasury for Domestic Finance Jeffrey A. Goldstein said, “Across the spectrum, stakeholders agree that our current system of housing finance requires fundamental reform.” Dr. Raphael Bostic, HUD Assistant Secretary for Policy Development and Research stated, “[This conference] is part of our larger effort to make sure that we have a deep and wide understanding of these issues as we chart a thoughtful, sound path forward in reforming our housing finance system.”

 

During the conference, Treasury Secretary Timothy F. Geithner and Housing and Urban Development Secretary Shaun Donovan will field suggestions from a heavily industry-oriented panel of 12 experts, including executives from Bank of America Corp., Wells Fargo & Co., PIMCO, Radian Group, Inc., Ranieeri and Company, and some consumer advocacy organizations, including the National Urban League, among others. There will be two panels, the first of which is entitled, “Housing Finance Reform and Broader Financial Markets,” and the second of which is entitled, “Housing Finance Reform and Broader Housing Policy Goals,” followed by breakout sessions in the afternoon.

 

House Financial Services Chairman Barney Frank (D-MA) has also said he plans to introduce legislation next month that would address the future of Fannie Mae and Freddie Mac. In addition, Paul E. Kanjorski (D-PA), the chairman of the Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee, also plans to hold hearings on Fannie Mae and Freddie Mac in September.