Geithner: Fannie, Freddie new top legislative priority

Treasury Secretary Timothy Geithner said an overhaul of Fannie Mae and Freddie Mac is the new top legislative priority after President Obama on Wednesday signed broad financial overhaul legislation into law.

“We are going to Fannie, Freddie and housing finance next,” Geithner told reporters at a breakfast held by The Christian Science Monitor. Republicans spent more than a year criticizing the Democrats’ financial regulatory bill, enacted Wednesday, for neglecting changes to the housing finance system.

Fannie and Freddie were taken over by the government in 2008 and put into a federal conservatorship that has committed hundreds of billions of taxpayer dollars to support the firms.

Geithner said the administration is committed to putting forth a proposal by the beginning of next year.