Statement by Michael J. Williams, Fannie Mae President and Chief Executive Officer, on FHFA's Servicing Alignment Initiative

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Apr 28, 2011, 02:14 ET

WASHINGTON, April 28, 2011 /PRNewswire/ -- The Federal Housing Finance Agency's Servicing Alignment Initiative is a major step toward creating a consistent and transparent process that enables homeowners to make better informed decisions to avoid foreclosure. This initiative will direct servicers to reach families earlier, communicate more frequently and clearly, and provide relief.

Fannie Mae has long advocated for servicing standards that include clear and consistent options. We have taken unprecedented steps to educate families about their options through our Fannie Mae Mortgage Help Centers, KnowYourOptions.com, and other mortgage relief efforts. The Servicing Alignment Initiative complements these efforts, which is good for families and good for American taxpayers. Fannie Mae fully supports this Initiative, and we remain committed to stabilizing communities and building a stronger foundation for housing.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

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SOURCE Fannie Mae