Joseph Otting, acting director of the Federal Housing Finance Agency (FHFA), told employees that the administration would not wait on Congress to overhaul the nation’s housing finance system. According to remarks obtained by POLITICO at a Jan. 17 FHFA staff meeting Otting said, in the next two to four weeks you’re going to be able to see some communication that comes out of the White House and Treasury that really sets a direction for what the future of housing will be in the U.S. and what the FHFA’s part of that will be.”
Following Ottings’s remarks, White House spokesperson Lindsay Walters said in an email, “the White House expects to announce a framework for the development of a policy for comprehensive housing finance reform shortly. At this time, no decisions have been made on any reform plan. As part of the process, however, the Administration will work with Congress to formulate a plan that fully addresses the risks to taxpayers presented by the current housing finance system and that improves the ability of creditworthy Americans to buy a home,” according to the Washington Examiner.