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that Fannie and Freddie should be treated as government entities andcounted in the budget, and many Republicans in Congress havepushed for that as well.
The IMF has generally tiptoed around direct confrontationon policy issues with the United States black christian louboutin maggie pump , which is its largestmember and has effective veto power over any IMF decisions.
Overall, the Obama administration's housing reformproposals were "headed in the right direction, although someconcerns and challenges remain," the IMF said.
The Fund said the reform efforts rightly focused on windingdown Fannie and Freddie, adding the firms should be closed overthe medium term to allow private-market securitization toreturn.
The private sector all but vanished from themortgage-backed securities markets after the housing bust andfinancial crisis spawned hundreds of billions of dollars inlosses. The government -- through Fannie MaeYemen close to transition of power deal- minister5553, Freddie Mac andthe Federal Housing Administration -- now backs close to nineof 10 new residential mortgages.
The IMF's recommendations were included in its GlobalFinancial Stability report black christian louboutin maggie pump , released ahead of its springmeeting scheduled for mid-April.
"While an overhaul of the housing finance system will takeyears to complete, U.S. authorities need to step up theirefforts now to develop and implement an appropriate actionplan," the IMF said.
* Lagarde takes office as new IMF managing director
* Contract holds her to higher ethical standards
* She will undergo staff ethics training
By Lesley Wroughton
WASHINGTON, July 5 - Christine Lagarde black christian louboutin maggie pump , who tookoffice as IMF managing director on Tuesday, has signed up fortougher ethical rules than her predecessor as the lender seeksto innoculate itself from further hits to its reputation in theaftermath of Dominique Strauss-Kahn's resignation under fire.
Her terms of employment were made public as she arrived atthe International Monetary Fund's Washington headquarters whereshe was scheduled to meet department heads black christian louboutin maggie pump , staff and theboard.
She was greeted by IM