Ron McCord, the new president of the Mortgage Bankers Association of America, hailed Fannie Mae's decision to stop asking lenders to buy back performing loans as a "big plus" for the mortgage banking industry.

Speaking at a breakfast before the opening general session of the trade group's 83rd annual convention on Monday, Mr. McCord said that Fannie Mae's decision, announced last week, will put pressure on rival Freddie Mac to follow suit.

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