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Obama Misses the Dodd-Frank Act Deadline

Mortgage News > Obama Misses the Dodd-Frank Act Deadline
Date: 02/01/2011    Obama Misses the Dodd-Frank Act Deadline

The deadline of January 31st has come and gone for the Obama Administration to present a solution as to the future of mortgage financing, specifically Fannie Mae and Freddie Mac.

President Obama signed a reform bill in July called the Dodd-Frank Act which was designed to assist the country in it‘s financial reform in an attempt to bridle Wall Street, end bailouts, and prevent another financial crisis. 

Bloomberg reports that The Dodd-Frank Act is the “biggest overhaul of financial-industry regulation since the 1930s“ yet it failed to immediately focus on mortgage finance. Instead the bill gave the current presidential administration until January 31, 2011 to deliver a proposal for “restructuring the system.”

Steve Adamske, a Treasury Department spokesman, reported that the administration has informed the Financial Services Committee that “the report would be delayed and that Treasury would send a comprehensive mortgage reform to Congress in the next week or so.”