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New GSE CEOs Say They Are Nursing Firms Back to Health
09/25 12:29 PM
WASHINGTON (Dow Jones)--The new chief executives installed at Fannie Mae (FNM:$2.62,00$0.88,0050.57%) and Freddie Mac (FRE:$2.8599,$0.9699,51.32%) since the mortgage giants' takeover by the federal government earlier this month assured lawmakers Thursday that they were working to stabilize the firms.
Fannie CEO Herb Allison and Freddie CEO David Moffett told members of the House Financial Services Committee that they were in close communication with federal regulators and the U.S. Treasury to perform the firms' public mission while nursing them back to health.
"We are mindful that we need to operate in a safe and sound manner and we need to move quickly to perform our role as a core stabilizing factor in the markets, " Allison said.
Moffett added that, in addition to pumping liquidity into the mortgage market, Freddie Mac (FRE:$2.8599,$0.9699,51.32%) "remains focused on meeting our affordable housing mission, including the affordable housing goals."
-Jessica Holzer, Dow Jones Newswires; 202-862-9228; jessica.holzer@ dowjones.com
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(END) Dow Jones Newswires
09-25-081229ET
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