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.
More Quotes from Franklin Raines:
We think we can make progress on upper-income premiums.Franklin Raines
It creates a contrast between their ideas and ours. We are perfectly happy to be judged by that contrast.
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
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
And so we have to be careful with looking at additional stimulus that we don't provoke an increase in the bond rate and then offset a lot of the stimulus we've already got.
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
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