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.
More Quotes from Franklin Raines:
They flooded liquidity in the marketplace but the mortgage rate is based much more on expectations of inflation. So if the average investor believes that there is inflation coming, they'll move that rate up.Franklin Raines
Well, I think as long as people are talking about stimulus, I think the Fed will be thinking about cutting rates because monetary policy is the better way to go because you can turn it on and turn it off.
Franklin Raines
We are working on a wide variety of ways to bring to the mortgage finance system cost savings for consumers as well as lenders in the mortgage market,
Franklin Raines
Well, it's been great for new home purchasers, particularly first-time purchasers. I think this is a good time to be thinking about buying a home.
Franklin Raines
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.
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
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