Fannie Mae said this week it is approaching the halfway point in its effort to provide $1 trillion in affordable housing financing by the end of the century.

At a reception attended by big-city mayors from around the country, James A. Johnson, chairman and CEO of Fannie Mae, said that the private agency has financed $440 billion of loans to 5.6 million families through the four-year-old program, which targets low- to moderate-income families, minority members, and immigrants. Mr. Johnson said he expects to hit the $500 billion mark by May.

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