Statement by HUD Secretary Preston on GSEsMortgagePress.comHUD, Steve Preston, GSEs, Fannie Mae, Freddie Mac
U.S. Department of Housing and Urban Development Secretary Steve
Preston has issued the following statement regarding the
government-sponsored enterprises, Fannie Mae and Freddie Mac.
"Fannie Mae and Freddie Mac are vital sources of mortgage
financing for millions of American families seeking to own or
retain a home. Their roles have become even more critical as
traditional sources of liquidity have become scarce. We must ensure
their safety and soundness and provide stability to our financial
markets. The plan announced today is a necessary step to ensure
they continue to function effectively.
HUD's Federal Housing Administration and Ginnie Mae have grown
dramatically in volume and market presence as borrowers seek safe,
affordable sources of new mortgages and refinancing and the market
looks to purchase securities that are safe. We are working to
ensure FHA and Ginnie Mae can continue to safely handle increased
volumes of mortgage insurance and mortgage-backed securities.
HUD will work closely with the Treasury Department and the
Federal Housing Finance Agency to ensure that American families
have access to safe, affordable financing for their homes."
For more information, visit www.fha.gov.