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California Gov. Schwarzenegger signs legislation to help protect homeowners from foreclosure

National Mortgage Professional
Jul 11, 2008

NAHB EVP and CEO comments on Fannie and Freddie MortgagePress.comNAHB, home builders, GSEs, Fannie Mae, Freddie Mac, OFHEO Director James Lockhart, Treasury Secretary Henry Paulson Jerry Howard, executive vice president and CEO of the National Association of Home Builders (NAHB), has issued the following statement on Fannie Mae and Freddie Mac: "Fundamental analysis and statements from top federal government officials point out that the hysteria in the markets regarding the viability of Fannie Mae and Freddie Mac is unfounded. OFHEO Director James Lockhart, whose agency oversees the financial health of Fannie and Freddie, stated that they are well capitalized, have large liquidity portfolios, continued access to the debt market and the flexibility and sound operations needed to support their vital housing mission. Treasury Secretary Henry Paulson concurs, testifying this week before Congress that OFHEO has made clear that Fannie and Freddie are adequately capitalized and that they will continue to play an important role in our housing markets. "Pundits who have questioned the viability of Fannie and Freddie are not operating on a factual basis, unnecessarily inflaming market fears. We are in an environment where sound analysis appears to have been abandoned. "The fact is that Fannie Mae and Freddie Mac remain a bulwark to the nation's housing finance system and characterizations in the media during the past week serve only to erode the public's confidence in the housing finance system at a critical juncture for the economy. "Now is the time we need to focus on passing meaningful housing legislation. Industry and government must work together to help get home buyers back into the marketplace, stabilize house prices, stem the rising tide of foreclosures and restore confidence in our housing finance system. Fannie Mae and Freddie Mac play a central role in our housing system and will continue to do so." For more information, visit www.nahb.com.
Published
Jul 11, 2008
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