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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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From: Paul Kern9/5/2007 12:44:38 PM
   of 110194
 
Tsy Approached GSEs About New Products For Mkt Issues -Steel
Last update: 9/5/2007 12:39:31 PM

By Damian Paletta
Of DOW JONES NEWSWIRES

WASHINGTON (Dow Jones)--The Treasury Department has approached Fannie Mae (FNM) and Freddie Mac (FRE) about potentially developing new products that could help address problems in mortgage markets, under secretary for domestic finance Robert K. Steel said Wednesday.

At a House Financial Services Committee hearing, Steel said any new products should be market-based and not created as a subsidy.

Steel's comments are significant because Treasury officials have historically been critical of efforts by Fannie Mae and Freddie Mac to grow their portfolios and expand into different business lines.

Steel also said that retaining and preserving homeownership in the wake of ongoing problems in housing and credit markets is the highest priority for the Treasury Department as it monitors and responds to market turmoil.

The "first and foremost thing to focus on is how to have the most successful efforts to keep American homeowners in their homes," he said.

Steel also said that Treasury officials opposed "any rescue or bailout" for investors or lenders who made loans that contributed to problems in credit markets.

-By Damian Paletta, Dow Jones Newswires; 202-862-9241; Damian.Paletta@dowjones.com
(END) Dow Jones Newswires
September 05, 2007 12:39 ET (16:39 GMT)
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