WASHINGTON – U.S. mortgage finance giant Fannie Mae will make efforts to reach borrowers with blemished credit or ones unfamiliar with the mortgage borrowing process, the company’s chief executive said on Monday.
“Fannie Mae is moving ahead with a concerted effort to serve the sub-prime market,” Fannie Mae’s Franklin Raines said in prepared comments to America’s Community Bankers.
Fannie Mae and its rival mortgage finance company Freddie Mac are under pressure from the Bush administration to increase their financing of home loans to low-income and minority home buyers.
For this complete story, please visit CEO Says Fannie Mae to Serve More Borrowers.
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