Henry Cisneros, secretary of housing and urban development, told the House Budget Committee on Thursday that his agency wants to transform the FHA "from a slow-moving bureaucracy into a streamlined, market-driven, government-owned corporation."

As on previous occasions, Mr. Cisneros said a transformed Federal Housing Administration would rely more on partnerships to design risk- sharing products. The partners, he said, would include the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corp. (Freddie Mac), the Federal Home Loan banks, private mortgage insurers, and others

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