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Obama to back mortgage finance reform to speed housing recovery
Analysts say more robust housing activity is being held back by tight credit. Clearing up questions about the future of Fannie Mae and Freddie Mac could help unlock capital for mortgage finance and give housing activity a boost. “On Capitol Hill, the odds are against short-term legislation,” said Jaret Seiberg, a senior policy analyst at Guggenheim Securities. “Longer-term housing finance reform is gaining momentum. The leading ideas would reduce the government involvement in housing finance, which would mean higher rates for consumers.” The administration is also reinvigorating its effort to help underwater borrowers by pushing for an expansion of refinancing for those who purchased homes when rates were above the current historic lows, the White House said.