Senate Banking sets housing hearing

The administration issued its February report on how to remake housing, laying out three options but also making clear the current system needs a significant makeover.

Meanwhile, House Republicans are getting ready to introduce a number of bills that would bring the housing market more into private hands, largely by reducing the reach and impact of troubled mortgage giants Fannie Mae and Freddie Mac.

The House GOP is expected to push the debate, having identified getting taxpayers off the hook for Fannie and Freddie as a top priority upon taking over the lower chamber, but any major changes will have to find agreement in the Democrat-controlled Senate and within the White House.