With prospects for an overhaul of Fannie Mae and Freddie Mac dimming in the near term, the Obama administration is encouraging housing officials to take on more risk-sharing projects to help ready the system for an eventual transition to a new housing finance system.

Michael Stegman, a top housing policy adviser at the Treasury Department, lauded Thursday recent moves by the Federal Housing Finance Agency, and urged regulators to find additional ways to bring private capital into the market, even in the absence of legislative momentum.

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