Geithner: US Govt will continue to back mortgages

clock

Tim Geithner, US Treasury Secretary, has revealed the Government will continue to guarantee mortgages to minimize the risk of housing-led recessions in future.

The comments were made at a White House summit on the future of government-run mortgage providers Fannie Mae and Freddie Mac, the Telegraph reports. Geithner said removing Federal support from the mortgage market could lead to " more severe" future recessions "because the financial system would not have the capital to support mortgage lending on an adequate scale". Geithner's comments are expected to boost the US housing market as well as the housebuilding sector. In July, levels of house building and applications to build new properties fell to their lowest in a year. Firm plans ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Distributors

Post Office financial services to amalgamate under new brand

The Post Office is to amalgamate its range of financial products under a new brand in its bid to become a leading 'challenger' in UK financial services.

Professional Adviser
clock 26 January 2015 •

Lighthouse launches mortgage and protection advice service

National advice firm Lighthouse Group has launched a "holistic" mortgage and protection advice service in response to demand from clients.

Professional Adviser
clock 21 January 2015 •

Nottingham BS to offer whole-of-market mortgage advice in-branch

Nottingham Building Society is to offer whole-of-market mortgage and protection advice across its branch network.

clock 24 February 2014 •