Speaking at the National Policy Conference put on by the Mortgage Bankers Association in Washington, DC, Secretary of HUD Shaun Donovan went through a litany of things that had improved in the 15 months since the new administration had taken charge in the midst of a deep recession. But then he added, none of this is to say that America is out of the woods. Donovan said there was some good news in the recent FHA numbers. He said the early delinquencies were better than expected. As for the administration's efforts to reform the mortgage finance system and more specifically Fannie Mae and Freddie Mac, the HUD secretary said, he expects to get to that legislation next year, not this calendar year.