Top Fannie Mae officials have stepped up their drive to reassure
In speeches, press conferences, and presentations to lenders at a
In an address to the convention, Fannie Mae chairman James A. Johnson
"We see mortgage lenders as our firm foundation," he said, "and the
Mr. Johnson told lenders that Fannie Mae's technology to automate loan
Fannie Mae's broad technology plans have stirred the industry's fears.
Rival Freddie Mac, formally the Federal Home Loan Mortgage Corp., is
Freddie Mac executives rarely miss an opportunity to make that contrast
Last Thursday, Fannie Mae vice chairman Frank Raines went on the
At a lunch for reporters, Mr. Raines said that Freddie Mac's
That's because only Freddie Mac understands why it chooses to accept a
By contrast, he said, decisions made on Fannie Mae's technology are
So a loan approved on the Fannie system could just as easily be sold to
Later in the day, two senior marketing and technology executives at
An interactive computer impersonated celebrities like Elvis Presley,
One by one, the executives tried to debunk the fears.
After speeches by Mr. Johnson and Freddie Mac's chairman, Leland
The answer, it appears, was "no."
Mr. Brendsel said that Freddie Mac would be unwilling to delegate the
Mr. Johnson implied that such cooperation would take some of the
Another lender asked how the use of the new underwriting systems would
Mr. Brendsel said Freddie's underwriting system would more clearly
Mr. Johnson said Fannie Mae would be slow to take that route.
He said that he felt strongly about basing loan prices on the overall
In addition, he said, he is reluctant to use the technology to make
Separately, Mr. Brendsel said Freddie Mac has seen a fourfold increase
"This must be curtailed," he said.
Freddie Mac would introduce more specific guidelines this summer to help