When they had difficulties they've had a tendency to lurch to the right and out of the mainstream, and we hope that doesn't happen this time,
More Quotes from Franklin Raines:
We are shrinking the size of the federal government as a percent of our economy from over 21 percent of the economy to 19 percent of the economy. At the same time, we're growing the private economy.Franklin Raines
And so the danger for the housing industry is if we see interest rates rise.
Franklin Raines
It will be the second-best year in housing history, and we believe it will be a very strong year for Fannie Mae,
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
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
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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