Fannie Mae: No More Overly Easy Loans
Fannie Mae CEO Michael Williams said Wednesday that Fannie’s current book of business is its strongest in 10 years.
In a speech to the group Women in Housing and Finance, Williams said Fannie is emphasizing long-term, fixed-rate loans based on more accurate appraisals to borrowers with higher credit ratings who can thoroughly document their income.
Williams called the tougher standards “the new realism” in the housing market that will make owning a home more challenging.
“Step-by-step, we are putting in place a new foundation for our industry,” he said. “It’s a foundation based on the right lending standards and on a broad re-examination of what constitutes sensible risk.”
Source: The Wall Street Journal, Jessica Holzer (07/28/2010)
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