UPDATE 2-U.S. Treasury: No change to Fannie, Freddie policy

(Adds Fannie Mae earnings, reserves, Vogel comments)

WASHINGTON Aug 5 (Reuters) - The Obama administration is not considering a change to its policy regarding mortgage finance giants Fannie Mae (FNMA.OB) and Freddie Mac (FMCC.OB), a Treasury spokesman said on Thursday.

"The administration is not considering a change in policy in this area," said Treasury spokesman Andrew Williams.

The comment followed speculation in recent days from Wall Street analysts, including at Morgan Stanley, that suggested the administration could tweak rules at Fannie Mae and Freddie Mac to spark a major refinancing wave.

On Thursday, a Reuters Breakingviews opinion column referred to rumors in Washington and Wall Street that the administration could soon order Fannie Mae and Freddie Mac to forgive a portion of the mortgage debt of millions of Americans who owe more than their homes are worth.

Mortgage bond prices pared losses after the statement from Williams. Prior to the denial, investors were selling mortgage bonds that would sustain large losses if a new wave of refinancings took place.

Fannie Mae on Thursday reported its smallest loss since it was taken over by the government two years ago, though it still asked for an additional $1.5 billion in taxpayer aid. Losses this year and last stemmed from loans purchased or guaranteed between 2005 and 2008.

"While these loans give rise to additional credit losses that it has not yet realized, the company estimates that it has reserved for the substantial majority of these losses," Fannie Mae said.

That could change the nature of the debate on the future of housing finance, said Jim Vogel, an analyst at FTN Financial in Memphis, Tennessee.

"We have always maintained (Fannie Mae and Freddie Mac) changes were politically improbable as long as credit was deteriorating because the fight would be about who would absorb future losses rather than what the new system should look like," Vogel said. (Reporting by Corbett B. Daly; Additional reporting by Al Yoon in New York; Editing by James Dalgleish and Leslie Adler)