The housing market went through a whirlwind of a transformation after it crashed in 2008.

The subprime market went too far and too many borrowers qualified for inflated or risky mortgages. But times have changed and the housing market is getting back into shape.

The only problem is now that housing is under control, America is starting to focus on a new problem that has been gaining traction—student debt.

Education debt is out of control, and young adults are finishing college with the equivalent of a mortgage or at least a downpayment in debt.

The Consumer Financial Protection Bureau is now brainstorming various options such as refinancing or modifying a student loan and broadening the use of the federal government's income-based repayment program, a report from Compass Point Research & Trading says.

The CFPB is scheduled to speak on the topic in Miami, Fla., this Wednesday.

"Without Congressional action, the interest rate for new subsidized Stafford loans is set to double from 3.4% to 6.8% on July 1, 2013. Rates on unsubsidized Stafford and PLUS loans are fixed at 6.8% and 7.9%, respectively," Compass Point explained.

Even with the housing market recovering, student loan debt is having an impact on real estate.

The housing market may have overcome a huge hurdle, but it seems the student loan debt situation continues to threaten the wobbly recovery.