US Treasury Secretary Henry M. Paulson, Jr. released the following statement on Wednesday regarding the agreement between the Office of Federal Housing Enterprise Oversight, Fannie Mae and Freddie Mac to provide additional support to the US mortgage market:
"Fannie Mae and Freddie Mac are significant participants in the mortgage market and I am encouraged that today's announcement will make more financing available in this area. Additional capital will enable the companies to help more homeowners and will strengthen the underlying fundamentals of the mortgage market."
He continued: "Today's announcement also reaffirms the commitment of all parties to work toward comprehensive GSE reform legislation as soon as possible. I look forward to working with Director Lockhart, Congress and the GSEs on this important legislation."
Fannie Mae President and Chief Executive Officer Dan Mudd commented:
“We are working with our customers, regulators and policy makers to minimize foreclosures, increase affordability – and as of today – to restore liquidity in the market. This progressive, sustainable plan will help bring the stability the market needs.”
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