The mortgage is the largest obligation that people take on and it's very expensive to get a mortgage and very painful. It's not a fun process. So we've invested quite a bit of money in using the Internet and e-commerce to make it easier. Fannie Mae has become one of the largest e-commerce companies in the world. Last year, we underwrote through automated underwriting and electronically, two and a half million loans, 300 billion of transactions. This year will be over 400 billion. So e-commerce is moving into the mortgage sector and it's going to affect everybody.
More Quotes from Franklin Raines:
And so Fannie Mae produces very strong results for investors in - when interest rates are high and when interest rates are low, in recession and during booms.Franklin Raines
We think if the economy remains weak that we could see mortgage rates trail down and we think that we could see rates below seven percent into early next year.
Franklin Raines
Although to my knowledge the company has always made good faith efforts to get its accounting right, the SEC has determined that mistakes were made. By my early retirement, I have held myself accountable.
Franklin Raines
We're just sort of like the Eveready bunny. And we just keep going and we expect that to continue because of the strength of that housing market.
Franklin Raines
We think that it's unwise to put into the constitution a mechanism that enshrines for all time a particular way of measuring the budget.
Franklin Raines
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