GOP Willing to Work With Obama on Housing Reform

GOP Willing to Work With Obama on Housing Reform

House Republicans on Tuesday expressed willingness to work with the Obama administration on what is expected to be a drawn out process of crafting legislation to overhaul the U.S. housing finance system lashed by the financial crisis.

Appearing before lawmakers for the first time since unveiling several options for reforming housing finance, Treasury Secretary Timothy Geithner cautioned Congress not to act too quickly as he called on lawmakers to pass legislation within two years.

"House Republicans are ready and willing to ... work with you to produce a comprehensive housing finance reform plan — a plan that is based on private capital and protects taxpayers from further losses and future bailouts," House Financial Services Committee Chairman Spencer Bachus said in prepared testimony.

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