But fair lending is not enough - we need more lending to minority families. And Fannie Mae will continue to lead the market in minority lending. On Thursday, I spoke at Jesse Jackson's Wall Street conference in New York, where I talked about how Fannie Mae is irrevocable proof that focusing on underserved markets is a ticket to profitability. Expanding mortgage credit is not just a matter of fair lending - it's smart business. Secondly, home buyers have a right to the lowest-cost mortgage for which they qualify.
Home builders are extremely conscious of building the best home at the lowest price.
Fannie Mae is extremely conscious of providing the best mortgage at the lowest price so more families can afford to buy your homes. Fannie Mae was chartered as a private company to hold down the cost of mortgages, and we do. That's what private sector efficiencies can do. The problem is, for various reasons, there are millions of families who are still being sent to these higher-cost mortgages when they could qualify for our conventional financing, save money, and buy a better home. Our strategy is to offer mortgage products that allow lenders to qualify more home buyers for low-cost conventional financing.