Secondary mortgage market reform is generally recognized as the unfinished business of the financial reform agenda. This hearing provided testimony from a single witness, Treasury Secretary Tim Geithner, who urged Congress to pass new secondary market legislation in the next two years. Geithner also noted the provisions should be phased in over a five-to-seven-year period to avoid disruption of the fragile housing market. Geithner was less specific on the federal government’s role in any new secondary market structure that may replace Fannie Mae and Freddie Mac.