GEITHNER: Get Ready, A New Plan For National Mortgage Refinancing Is About To Come

Tim Geithner CNBC

Photo: CNBC

People have been waiting for something like this, a major DC plan to help troubled homeowners, which is probably one of the few potential stimulants that the administration could pull off without the help of Congress.Here is what he said this morning in testimony to the Senate Banking Committee regarding what the administration is trying to do to deal with the lingering mortgage crisis:

“I think we can make a big difference. And I think what you’re going to see from the [Federal Housing Finance Agency] Director, I think in the next couple of weeks, are very detailed proposals. This is their authority, which is why you haven’t seen details yet — it’s not within my power or the president’s power, they’re an independent agency established by Congress with that authority. But they are going to lay out some specific proposals that they will seek. And I think that will make a difference. 

“We’ve been very careful not to estimate the number of Americans that would be reached by this, as you’ve seen — because we’ve dramatically overestimated with all of our housing programs the number of people that could reasonably be reached and be helped by them, and we’ll be cautious. But my sense is, based on what I’ve seen, and what he’s told us, it’s meaningful enough to make a difference.”

Geithner says he has not seen the complete array of proposal that the FHFA will put forward.

“They are looking at a range of things and you’ll see more details in a couple of weeks,” he said.

We’ve reached out to the FHFA for comment.

For some more thoughts on what’s plausible on this, see Bruce Krasting on the subject.

You can watch Geithner address the FHFA mortgage plans at about 95:40 in this video:

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