Franklin Raines
Franklin Raines
Franklin Delano "Frank" Rainesis an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton. His role leading Fannie Mae has come under scrutiny. He has been called one of the "25 People to Blame for the Financial Crisis" according to Time magazine...
NationalityAmerican
ProfessionBusinessman
Date of Birth14 January 1949
CountryUnited States of America
People are buying new homes, existing homes at record levels. And that just shows the underlying strength of the economy and the optimism of families that this is still a good time to buy a home even though interest ratesÊ on mortgages have risen substantially,
Well, it's been great for new home purchasers, particularly first-time purchasers. I think this is a good time to be thinking about buying a home.
It creates a contrast between their ideas and ours. We are perfectly happy to be judged by that contrast.
We think we can make progress on upper-income premiums.
We believe our overall fiscal policy is providing an environment where businesses can prosper, but we believe tax cuts should be aimed at people.
Well, you know, we've got a lot of stimulus in the economy already from the tax cut, from the lowered interest rates, and also from the refinancing of mortgages.
We are working on a wide variety of ways to bring to the mortgage finance system cost savings for consumers as well as lenders in the mortgage market,
We are in favor of having the most accurate measure of inflation possible, in order to index those various programs, and we are trying to measure what the real cost-of-living changes are,
We're just sort of like the Eveready bunny. And we just keep going and we expect that to continue because of the strength of that housing market.
When they had difficulties they've had a tendency to lurch to the right and out of the mainstream, and we hope that doesn't happen this time,
Based on the presentation that we heard today, there are more issues then the last time we sat down, ... It fails to target tax relief on middle incomes as the president's approach would do.
We think that it's unwise to put into the constitution a mechanism that enshrines for all time a particular way of measuring the budget.
Although to my knowledge the company has always made good faith efforts to get its accounting right, the SEC has determined that mistakes were made. By my early retirement, I have held myself accountable.
We think if the economy remains weak that we could see mortgage rates trail down and we think that we could see rates below seven percent into early next year.