“I applaud Secretary Paulson and Director Lockhart for taking crucial steps to ensure that Fannie Mae and Freddie Mac can continue to play their critical role of providing liquidity to the housing finance system, thus providing Americans the opportunity for homeownership and affordable rental housing.

“The unprecedented steps announced today will provide confidence that the housing finance system will continue to operate without major disruption, and offer an opportunity for a recovery of the housing market while allowing for a full and frank debate over the future of the GSEs. 

“We look forward to working with Congress, administrations present and future, and the regulators to ensure a strong secondary mortgage market that provides a stable supply of affordable mortgage credit.”

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The Mortgage Bankers Association (MBA) is the national association representing the real estate finance industry, an industry that employs more than 370,000 people in virtually every community in the country. Headquartered in Washington, D.C., the association works to ensure the continued strength of the nation's residential and commercial real estate markets; to expand homeownership and extend access to affordable housing to all Americans. MBA promotes fair and ethical lending practices and fosters professional excellence among real estate finance employees through a wide range of educational programs and a variety of publications. Its membership of over 2,400 companies includes all elements of real estate finance: mortgage companies, mortgage brokers, commercial banks, thrifts, Wall Street conduits, life insurance companies and others in the mortgage lending field. For additional information, visit MBA's Web site:  www.mortgagebankers.org.