house financing – Obama Administration to Hold Conference to Discuss Housing Finance Solutions

President Obama’s administration has scheduled a “Conference on the Future of Housing Finance” in Washington, DC. The conference will gather housing finance industry industry experts including Treasury Secretary Tim Geithner, HUD secretary Shaun Donovan, and officials from mortgage giants Fannie Mae and Freddie Mac to discuss ideas on how to fix the housing finance industry.

Any decisions made during the confidence would not have any immediate impact on homeowners with loans insured by Fannie or Freddie or investors with securities backed by the company’s, but any discussion of change can hinder investors’ confidence in the nearly trillion market of mortgage-backed securities. Despite the fact that the conference is being described as a “first step” towards reform, investors will monitor the discussions closely.

The conference will be divided into several panels who will discuss topics ranging from the impact of reforming housing finance on broader financial markets to the private sector’s role in the mortgage market. Additional panelists invited to participate are Pimco founder Bill Gross, Bank of America Loans president Barbara Desoer, and Moody’s Analytics chief economist Mark Zandi.

Fannie Mae and Freddie Mac play a key role in efforts to stabilize the housing market through programs designed to aid struggling homeowners. Both companies were placed under the governments control in September 2008 due to fears that losses on their books could bankrupt the companies. Together with Ginne Mae, the companies back well over 90 percent of home loans, as the private mortgage industry has come to a screeching halt.  I will keep you guys posted.

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