In their first public comments since the seizure of Fannie Mae and Freddie Mac, the companies' government-appointed chief executives signaled today that they are initiating wide-ranging reviews of how the firms do business, with the main goal of helping homeowners avoid foreclosure.
The companies have already taken steps to reduce foreclosure and support the mortgage market, but "these actions clearly are not enough," said Herb Allison, the new Fannie Mae chief executive, testifying today before the House Financial Services committee.
"We are looking at every aspect of our business with the goal of improving our funding, pricing, trading, risk management and foreclosure prevention efforts," Allison said.
