September 5, 2019 / 9:07 PM / 7 months ago

U.S. Treasury calls for recapitalizing Fannie, Freddie in long-awaited overhaul plan

WASHINGTON, Sept 5 (Reuters) - The U.S. Treasury on Thursday said the government should draw up a plan to begin recapitalizing mortgage giants Fannie Mae and Freddie Mac, while calling on Congress to pen comprehensive housing reform that would allow the pair to be safely freed from government control.

The Treasury's plan, released in a 53-page report, marks the first major effort to jump-start housing finance reform in Washington after a 2012 bid by the Obama administration fell flat. But by failing to commit to concrete timelines, and leaning on Congress to do the heavy lifting, the report may disappoint many investors hoping for a speedy overhaul of Fannie and Freddie.

Reporting by Pete Schroeder; Editing by Michelle Price and Andrea Ricci

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