LIVE: Fannie Mae, Freddie Mac Will Survive in Some Form, Says Geithner

Treasury Secretary Timothy Geithner says Fannie and Freddie will survive in some form
Treasury Secretary Timothy Geithner says Fannie and Freddie will survive in some form

The need for a government backstop for the U.S. mortgage market will remain, Treasury Secretary Timothy Geithner told the audience at Tuesday's future of home financing conference in Washington, D.C. While the Obama administration will not issue a complete proposal until January, Geithner made clear that it is committed to mitigating risk for the American homeowner, but also wants to make sure that any plan is "structured to minimize taxpayer exposure." The government took control of Fannie Mae and Freddie Mac two years ago, and has already contributed $148 billion to ensure their survival.