The Obama administration took its first, tentative steps toward reform of the nation's housing finance system on Wednesday. They had a self-established February deadline but now state they won't have a plan until next year.

According to National Mortgage News, The Treasury and Department of Housing and Urban Development compiled a list of questions to present to the public for input. The question topics include:

• ways to manage episodes of market stress
• market discipline
• incentives to encourage the appropriate alignment of risk between the government and the private sector.
• how to tackle capital market functions
• mortgage origination
• transitioning into a new housing finance system.

Besides presenting the questions, the administration will also hold public form meetings across the US.

Republicans accused the Obama administration of stalling. Rep Spencer Bachus of Alabama, the panel's highest-ranking Republican, said, "We don't need polls, we need leadership. What is abundantly clear is that the Obama administration has no real plan for dealing with housing finance.

Democrats have rejected attempts by Republicans to unwind Fannie and Freddie before a new strategy is in place. "We agree this system needs to be changed, but simply ending Fannie and Freddie with no ideas of a replacement would do damage in a time of economic difficulty," responded committee chairman Barney Frank. He said he will start working on this "very soon."

Stay tuned...