MBA's Quinn Reacts to Treasury and Fed Announcement on GSEs

Kieran P. Quinn, CMB, Chairman of the Mortgage Bankers Association (MBA) this evening applauded the actions outlined today by the United States Department of Treasury and the Federal Reserve Board regarding Fannie Mae and Freddie Mac (the GSEs).

Quinn issued the following statement:

'Fannie Mae and Freddie Mac play a critical role in the U.S. housing market. We commend both the Treasury Department and the Federal Reserve on this move as it will help ensure that the two companies can continue to play central roles in stabilizing the mortgage markets. This action will ensure that consumers are able to access mortgage credit and it will reassure the capital markets that Freddie and Fannie will continue to play their vital roles providing Americans the opportunity for homeownership and affordable renting housing.

'I applaud Secretary Paulson and Chairman Bernanke for their leadership and we look forward to working with Congress in the coming days to pass important legislative initiatives that will also help stabilize the market.'