Fannie Mae directed two-thirds of its business last year as in 1996 toward its affordable housing initiative, chairman James A. Johnson said.

The 1997 total for loans to low- and moderate-income families, minorities, new immigrants, and others who are part of the seven-year initiative was $121 billion, about 68% of Fannie's business, Mr. Johnson said. The 1996 figure, $114 billion, was 66%.

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