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Statement from NAHB Chairman Tom Woods on Latest Earnings Report from Fannie Mae

Statement from NAHB Chairman Tom Woods on Latest Earnings Report from Fannie Mae

WASHINGTON, D.C. – February 23, 2015 – (RealEstateRama) — Tom Woods, chairman of the National Association of Home Builders (NAHB) and a home builder from Blue Springs, Mo., issued the following statement regarding Fannie Mae’s fourth quarter earnings report:

“Today’s announcement by Fannie Mae CEO Tim Mayopoulos that Fannie’s fourth quarter earnings fell by 66 percent and that it may need to later take a capital draw from the U.S. Treasury should serve as a wake-up call to Congress to move quickly to advance housing finance reform.

“A promising start was made in the last Congress when a bipartisan group of senators advanced legislation out of the Senate Banking Committee that would maintain an appropriate level of government backing to preserve financial stability and promote investor confidence. Lawmakers need to build on those efforts.

“The time to act is now while Fannie Mae and Freddie Mac remain in relatively good financial health, and not to kick the can down the road and wait until a possible crisis develops.”