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Geithner says far behind on housing finance reform

Treasury Secretary Timothy Geithner said on Wednesday that the United States was far behind on reforming the country's housing finance system where the government's mortgage buyers Fannie Mae and Freddie Mac provide funding for the bulk of U.S. home loans.

Obama seeks new design for housing, Fannie/Freddie

The U.S. government's role in housing finance should undergo "fundamental change," but it should still provide some guarantees in the mortgage market, Treasury Secretary Timothy Geithner said on Tuesday.

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