The Obama administration is looking to consolidate federal mortgage disclosure forms, according to comments made by Treasury Secretary Tim Geithner Monday. Speaking at New York University's Stern School of Business, Geithner said the government wants to move quickly to simplify financial disclosure forms for credit cards, auto loans and mortgages.
‘One of the ways we intend to do that is by combining the two separate and inconsistent federal mortgage disclosure forms that consumers currently get,’ Geithner said. ‘Next month, we'll convene mortgage companies, consumer advocates, housing counselors and other experts to gather ideas on how to do that. We'll take the best ones, test them on consumers, and then soon be able to unveil a new, easy-to-understand, federal disclosure form.’
Geithner also noted the administration's plans to begin work on reforming the housing finance system. He said the administration will use the upcoming Aug. 17 conference on housing finance to ‘explore various models of reform’ and to seek input from ‘across the political and ideological spectrum.’
The Treasury is required to submit its plan for reforming Fannie and Freddie by January 2011. The House Financial Services Committee has previously announced that it will take up reform of the government-sponsored enterprises in September.
SOURCE: U.S. Treasury Department