Obama releases plans for housing market reform

President Barack Obama has released his plans to begin reducing the amount of government intervention in the housing market, the White House announced.

The four-step plan will focus on winding down the influence of Fannie Mae and Freddie Mac, fixing the flaws of the current mortgage system, enhancing government support for affordable housing and making reform choices designed to have long-term sustainability.

One measure echoed throughout the report is an effort to protect taxpayers from having to bear the burden of maintaining agencies that provide government-backed mortgages.

However, the president's new proposal will also help those planning on moving in the near future by increasing access to affordable mortgages and making the concept of homeownership more realistic.

"This involves rebalancing our housing priorities to support a range of affordable options, from promoting much-needed financing for quality, affordable rental homes to ensuring the availability of safe, and sustainable mortgage products for current and future homeowners," the White House statement said.

Future homebuyers may not have to move far to find a home they can afford, under the proposed plan. The third step of Obama's proposal suggests ensuring credit-worthy borrowers have affordable capital available within their community. 

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