The Obama administration on Friday declared the public-private housing finance model in place for the past four decades was dead but pledged to continue backing existing obligations of Fannie Mae and Freddie Mac.

The GSE model is dead, an Obama administration official told reporters as the Treasury Department released a long-awaited report on options to revamp housing reform.

(Reporting by Corbett Daly, Rachelle Younglai and David Lawder; Editing by Kenneth Barry)