Mortgage Industry Execs Praise Treasury Plan As They Warn of Further Slides in Housing Market
The CEO of the country's biggest mortgage lender says greater government intervention is needed to rescue the U.S. housing market as his peers warn the worst is yet to come.
The gloomy assessments of the housing market were made Monday at a conference sponsored by the Office of Thrift Supervision, where Treasury Secretary Henry Paulson said an agreement is imminent to temporarily freeze interest rates on thousands of mortgages at risk of default.
Most mortgage industry executives praised the Treasury-led plan.
Daniel Mudd, chief executive of government-backed mortgage finance company Fannie Mae, called it a "positive step," saying that many borrowers will be able to avoid foreclosure if they are given more time. "Largely, the industry is beginning to reconstruct itself," Mudd said.
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