The U.S. housing market will probably not rebound enough by this time next year for the government to start reducing its support, Freddie Mac Chief Executive Officer Charles Haldeman said.

"I don't think the system will be ready for any material disengagement of the government at that time," Haldeman said, responding to a hypothetical question posed at a recent conference of the Mortgage Bankers Association in Atlanta.

Freddie Mac and rival Fannie Mae are at the center debate over how to overhaul the U.S. mortgage finance system, which contributed to the worst financial crisis since the 1930s. The two companies, already the largest providers of funding for home loans, have garnered even more market share as private investors fled, and rely on taxpayer funds.