Geithner wary about US housing

The United States is far behind on reforming the country's housing finance system, where the government's mortgage buyers Fannie Mae and Freddie Mac provide funding for the bulk of US home loans, Treasury secretary Timothy Geithner said yesterday. “The biggest source of unfinished business in the financial reform effort is in the housing finance area,” Geithner told the Chicago Economic Club. The Obama administration has proposed unwinding mortgage agencies Fannie Mae and Freddie Mac.