????美國財政部周一宣布，將在未來一年左右時間內出售一大宗按揭擔保債券，逐步結束危機時代出臺的一項住宅市場融資計劃。

????此舉出現于目前美國房價再度走低之時——但這并非是由于貸款價高，事實上，30年標準類按揭貸款（conforming mortgage）的利率近日約為5%。此舉事關美國政府對住宅市場的支持，即便是那些本身成功的舉措，也由于美聯儲(Fed)政策目標不一致而使效果打了折扣，這一舉措就是如此 。

????“我們將繼續縮減2008-2009年出臺的、旨在恢復市場穩定的應急方案，而出售相關證券符合這樣的目標，”美國財政部負責金融市場的助理部長瑪麗?米勒表示，“我們將逐步而有序地退出此類投資，最大程度地收回納稅人的錢，維護住房金融市場的修復過程。”

????根據這一計劃，美國財政部每月將出售100億美元的機構按揭擔保證券。這些證券由房利美（Fannie Mae）和房地美（Freddie Mac）發行，當初募資是用于購入按揭貸款。

????美國政府根據《2008年住房和經濟復蘇法案》（Housing and Economic Recovery Act of 2008），從2008年底到2009年全年購入此類債券2,210億美元。美國財政部是在政府接管房利美和房地美的當天，宣布計劃購入這些債券的。

????“這個投資組合的主要目的將是促進市場穩定，確保按揭貸款的供應，和保護納稅人。”美國財政部在當日的一份聲明中稱。

????美國財政部稱，該投資組合現已縮減至1,420億美元。負責問題資產救助計劃（Troubled Asset Relief Program，TARP）的美國國會監督小組（Congressional Oversight Panel）在上周發布的最終報告中指出，截至上月末，美國財政部根據TARP計劃持有的證券已獲本金償付840億美元，利息收入167億美元。

????顯然，美國政府對住宅市場的支持將很難以財政部出售按揭債券畫上句號。美聯儲（Federal Reserve）目前仍持有1.14萬億美元的機構按揭債券，而且美國財政部向房利美和房地美累計投入的資金已達1,500億美元，以消化泡沫時代的按揭擔保損失。

????因此，美國政府退出住宅市場還有很長一段路要走。但令人欣喜的是我們看到美國財政部已挪動腳步，準備退場了。

????Treasury said Monday it will sell a big portfolio of mortgage-backed bonds over the next year or so, in a move to wind down a crisis-era program providing financing for residential housing.

????The move comes as house prices are once again headed lower -- though not because loans, recently around 5% for a 30-year conforming mortgage, are expensive. So it is with government support for housing: even programs that succeed on their own modest terms, as this one did, are tarred by the feds' failure to come up with a coherent policy objective.

????"We're continuing to wind down the emergency programs that were put in place in 2008 and 2009 to help restore market stability, and the sale of these securities is consistent with that effort," said Mary J. Miller, assistant secretary for financial markets. "We will exit this investment at a gradual and orderly pace to maximize the recovery of taxpayer dollars and help protect the process of repair of the housing finance market."

????Under the plan, Treasury will sell $10 billion a month of its stock of agency mortgage-backed securities. These are the bonds issued by Fannie Mae and Freddie Mac to raise funds for the companies' purchases of mortgages.

????The government bought $221 billion of these bonds starting in late 2008 and running through 2009, under the Housing and Economic Recovery Act of 2008. Treasury announced its plan to buy the bonds the day the government took over Fannie and Freddie.

????"The primary objectives of this portfolio will be to promote market stability, ensure mortgage availability, and protect the taxpayer," Treasury said in its statement that day.

????The portfolio is now down to $142 billion, Treasury said. The Congressional Oversight Panel that oversaw the Troubled Asset Relief Program said in its final report last week that as of last month, Treasury had received $84 billion in principal repayments and $16.7 billion in interest payments on the securities it holds as part of the program.

????Obviously, government support for the housing market will hardly end with Treasury's sale of the mortgage bonds. The Federal Reserve continues to hold $1.14 trillion of agency mortgage bonds, and Treasury has put $150 billion and counting into Fannie and Freddie, mostly to soak up losses on bubble-era mortgage guarantees.

????So the government is a long way from getting out of the housing business. But it is still good to see Treasury shuffling toward the exit.