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GSE LEGISLATION MEANS NEW ERA FOR FANNIE MAE AND AMERICAN HOUSING

GSE LEGISLATION MEANS NEW ERA FOR FANNIE MAE AND AMERICAN HOUSING
 WASHINGTON, Sept. 10 /PRNewswire/ -- Federal National Mortgage Association (Fannie Mae) (NYSE: FNM) Chairman and Chief Executive Officer James A. Johnson today said he expects Congress will pass legislation on government-sponsored enterprises this year, and when it passes, Congress will have ushered in a "new era" for Fannie Mae and U.S. housing policy.
 "I am confident that the work currently underway to resolve the differences remaining between the House and Senate will lead to final passage of legislation before Congress' scheduled adjournment in early October," Johnson said in remarks prepared for delivery to an analyst group here.
 "Congress and the administration want this legislation to pass for one simple reason: It benefits home buyers, renters and American taxpayers," Johnson said. "It assures that Fannie Mae and Freddie Mac will remain well capitalized and well regulated and it strengthens the government-sponsored mission of both companies to provide a constant supply of home mortgage funds for low-, moderate- and middle-income families for now and the future.
 "Our objective is to be rock solid in the middle of the home mortgage finance system and at all times provide a consistent supply of mortgage funds," Johnson said.
 "With this legislation, Congress will set in place a new era," Johnson said. "It will be an era of financial safety and soundness, combined with new responsibilities to expand services to lower income families and do more to end discrimination in the sale and rental of housing.
 "Over the past five decades, Congress has created and renewed Fannie Mae's mission, and Fannie Mae has delivered on the promises it has made," Johnson said. "American home buyers clearly have been the beneficiaries of the partnership between Congress and Fannie Mae.
 "During this time, we have served every region of the country, at all times, in good housing markets and bad, bringing lower cost mortgage rates to working American families," Johnson said. He estimated that in 1992, Fannie Mae will serve more than 2.5 million U.S. households.
 "Today, Congress and the American public have a stronger and greater appreciation of the essential role we play in American housing," Johnson said. "This appreciation was demonstrated conclusively during the past three years of intense government study and congressional debate about Fannie Mae and Freddie Mac.
 "The conclusion reached through all this study and debate is that both Fannie Mae and Freddie Mac perform a vital function for housing, that we are financially sound, well managed and not a threat to American taxpayers, and that we both need modernized capital standards and regulatory oversight to assure taxpayers we will never become a threat in the future."
 Johnson pointed out that both the House and Senate have already approved separate bills that establish "a good, workable regulatory framework and set tough but fair requirements for the capital we need to cover the risks of our business." Both bills also expand Fannie Mae's mission to serve more lower income Americans.
 Fannie Mae, the USA's Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 9/10/92
 /CONTACT: David Jeffers, 202-752-5962, or Tom Marder, 202-752-7111, both of Fannie Mae/
 (FNM) CO: Federal National Mortgage Association ST: District of Columbia IN: FIN SU: LEG


MH -- DC011 -- 7897 09/10/92 10:02 EDT
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Publication:PR Newswire
Date:Sep 10, 1992
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