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Housing Market Set for Another Strong Year

Fannie Mae CEO Franklin Raines believes efforts to restrict the housing capital of the government-sponsored enterprises could hinder the market's ability to meet demand. The executive told shareholders at the company's recent annual meeting that as many as 15 million new U.S. residents will need shelter by 2010, and he underscored the industry's commitment to erect 1.8 million houses per year to accommodate them.

In 2004 alone, he estimates, demand for housing capital will range from $11 trillion to $14 trillion. Raines also emphasized that he is not against plans for a new, stronger regulator for the company--as long as it does not hinder Fannie Mae's plans to accumulate capital from worldwide sources.

Source: Dow Jones Newswire (05/25/04); McHugh, Michael


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