Washington, DC – Congressman Paul E. Kanjorski (D-PA), the Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, announced that he will convene a hearing regarding the progress made since Fannie Mae and Freddie Mac were placed into conservatorship two years ago.  The hearing will assist the Subcommittee and Financial Services Committee as Congress looks to reform the U.S. housing finance system.  The Financial Services Committee and the Capital Markets Subcommittee have previously held five hearings in the 111th Congress on housing finance reform.  Additionally, Congressman Kanjorski recently joined other Members in urging President Obama to call on the Federal Housing Finance Administration to use all of its powers to recover money from companies that used fraudulent and deceptive practices to shift losses on to Fannie Mae and Freddie Mac.  “This hearing, the sixth in a series about the U.S. housing finance system and its future, will examine the primary causes of the financial losses for Fannie Mae and Freddie Mac, as well as the progress made during the last two years in stabilizing our mortgage markets and ensuring the continued availability of reasonably priced loans,” said Chairman Kanjorski.  “The hearing will also explore the steps being taken to limit future red ink, such as efforts to improve credit quality, better calculate guarantee fees, and secure funds from counterparties like mortgage and bond insurers, the underwriters of faulty mortgages, and the issuers of the underwater securities purchased by the enterprises.  By altering securitization rules, protecting against inflated appraisals, and holding rating agencies accountable, the landmark Wall Street reform law laid the foundation for reforming our housing finance system, and this hearing will facilitate congressional work in achieving this goal.”***Reporters planning to attend should RSVP to Addie Whisenant at addie.whisenant@mail.house.gov***WHO:             House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored EnterprisesWHAT:           Hearing Entitled “The Future of Housing Finance: A Progress Update on the GSEs”WHEN:           Wednesday, September 15, 2010                        9:30 a.m.WHERE:         2128 Rayburn House Office Building  Witness List The Honorable Michael S. Barr, Assistant Secretary for Financial Institutions, U.S. Department of the Treasury Mr. Edward J. DeMarco, Acting Director, Federal Housing Finance Agency