James Lockhart: Freddie, Fannie will be busy
Washington Business Journal - by Oscar Pedro Musibay
The chairman of the oversight board regulating Fannie Mae, Freddie Mac and the 12 federal home loan banks said the federal government would set a record this year by buying more than $50 billion in multi-family mortgages.
James Lockhart, chairman of the Oversight Board of the Federal Housing Finance Agency, spoke at the Urban Land Institute’s annual fall meeting at the Miami Beach Convention Center Wednesday.
“And the plans for next year, even though most forecasters say there will be some fall off in the marketplace, is that they [Fannie, Freddie and the banks] are going to be very active as well and we are certainly encouraging them to do that,” he said.
Lockhart said that the powers he received with the July 30 signing of the Housing and Economic Recovery Act would have had to have come three years earlier to have done any good because it takes time to implement policy. And, even with that much lead-time, it was still going to be a rough market.
“We could have had enough capital in there to help ride the situation out,” he said. “It was going to be a tough market no matter what happened.”
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