U.S. Treasury Secretary says changes needed at Fannie, Freddie mortgage companies

Published Wednesday January 7th, 2009

Martin Crutsinger, THE ASSOCIATED PRESS

WASHINGTON - Treasury Secretary Henry Paulson says allowing mortgage giants Fannie Mae and Freddie Mac to return to their old operating ways is not an option.

Paulson says Congress and the next administration must decide the proper role government should play in supporting home ownership in light of the severe economic costs imposed on the United States from the bursting of the housing bubble.

The government took control of Fannie and Freddie in September, placing them in conservatorship.

Paulson offered thoughts on a variety of possible solutions on what should follow the conservatorship but did not endorse any particular approach.

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