SAN FRANCISCO - Fannie Mae chairman and chief executive Franklin Raines offered up a paean to mortgage bankers during his appearance late Monday at their annual convention.

Praising mortgage bankers' hard work, Mr. Raines once again sought to assuage fears that Fannie is even considering moving into originations, and to reassure the bankers that Fannie regards them as business partners.

Howard Glaser, head of government affairs at the Mortgage Bankers Association, said Mr. Raines was "conciliatory and demonstrated respect toward lenders."

The response was a far cry from the reaction to a Fannie executive's speech at the trade group's secondary-market convention in May. Jamie Gorelick, Fannie's vice chairman, riled the association's leadership at that convention by openly calling on MBA members to lobby their leadership against a bill in Congress that would more tightly regulate the government-sponsored enterprises.

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