Satisfaction with servicing declines for a second consecutive year

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.