U.S. Treasury’s Barr to testify on Fannie, Freddie

WASHINGTON, Sept 10 (BestGrowthStock) – Michael Barr, assistant
treasury secretary for financial institutions, and Edward
DeMarco, acting director of the Federal Housing Finance Agency
will testify on Capitol Hill next week on the future of Fannie
Mae (FNMA.OB: ) and Freddie Mac (FMCC.OB: ).

Barr and DeMarco will appear before the House Financial
Services Subcommittee on Capital Markets on September 15.

Panel Chairman Paul Kanjorski said they will “examine the
primary causes of the financial losses for Fannie Mae and
Freddie Mac, as well as the progress made during the last two
years in stabilizing our mortgage markets and ensuring the
continued availability of reasonably priced loans.”

“The hearing will also explore the steps being taken to
limit future red ink,” the Pennsylvania Democrat said. The two
firms have tapped about $150 billion from the Treasury since
they were taken over by the government two years ago.

(Reporting by Corbett B. Daly; Editing by Andrew Hay)

U.S. Treasury’s Barr to testify on Fannie, Freddie