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,
More Quotes from Franklin Raines:
Right now we think that rates will stay low, that you'll be able to get a mortgage below seven percent and that's kicked off a refinance boom that's going to put more money in the pockets of consumers.Franklin Raines
That is - the reason for that is that home prices are only going to go up. Now, they've never gone down nationwide in our - since we've been keeping track of this.
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
Well, now, and there's - for every dollar the federal government spends, there's real people on the other side, and so when we talk about reductions that are going to affect providers, that's going to affect hospitals and doctors and others.
Franklin Raines
Well, you know, we've got a lot of stimulus in the economy already from the tax cut, from the lowered interest rates, and also from the refinancing of mortgages.
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
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