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J.D. Power and Associates reports: Mortgage brokers provide valuable service for home loan customers

Jan 26, 2005

Fannie Mae CEO challenges U.S. housing problemsmortgagepress.comFranklin D. Raines, 2000 New York Housing Conference Annual Awards Luncheon, 2000 National Housing Conference, Fannie Mae At the recent National Housing Conference and the New York Housing Conference Annual Awards Luncheon, Fannie Mae Chairman and CEO Franklin D. Raines addressed an audience of nearly 1,400 real estate professionals with his keynote speech. Mr. Raines noted that despite recent housing gains, there remains a strong need for progress in improving access to homeownership, rebuilding inner city neighborhoods, and the preservation of the nation's affordable housing supply. Held annually, the Conference honors those who have made outstanding contributions to affordable housing in the past year. In his speech, Mr. Raines noted: "We've tackled the income barrier by shrinking down payments to 5%, 3%, and even in some cases, 1%...we've tackled the credit barrier by using analytics-rather than anecdotes...we've tackled the information barrier to take the fear, misunderstanding, and confusion out of this major step in life...and we've tackled the racial barrier, the different shades of redlining that ignored, overlooked, or otherwise discriminated against people of color." Mr. Raines explained that "all of the progress is terrific, but we still have a long way to go." Fannie Mae's challenge in the new millennium, he stated, "is to harness the progress and partnerships we've built during the 1990's to tackle America's toughest housing problems." Mr. Raines described these problems as "the minority homeownership gap...the continuing decay of inner city and inner suburban neighborhoods...and the dwindling supply of affordable housing, especially multi-family housing." Among those honored at the event were Ann F. Kaplan, Managing Director of Goldman Sachs & Company, who received the prestigious Lifetime Achievement Award for her long- standing commitment to the financing and delivery of affordable housing; Elizabeth McCaul, the newly appointed New York State Banking Superintendent, who received the 1999 Special Recognition Award; William A. McKenna, Jr., President and CEO of Ridgewood Savings Bank, who received Distinguished Banking Award honors; Edward Travaglianti, Chairman and CEO of EAB, who took home the Distinguished Public Investment Award; the New York City Partnership and Chamber of Commerce (Robert Kiley, President and CEO), which was presented the Distinguished Public Service Award; and The Cypress Hills Local Development Corporation (Michelle Neugebauer, Executive Director), which was honored with the Distinguished Community Service Award.
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