Industry News

Raines gone, real estate market rocks on

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The housing market will continue unscathed despite the departure of the chief executive officer and chief financial officer of Fannie Mae, the country's largest mortgage finance company, industry figures opined. "Personally, I don't think any one person could have that much influence. I agree with David Lereah (senior vice president of the National Association of Realtors), who says we are still in a housing boom for the next five years nationally," said Michael Godfrey, president of the Bay East Association of Realtors in Pleasanton, Calif. "I don't think Raines' resignation will affect the big picture too much." Godfrey was not alone in his views. "It's going to have a minimal effect. The main point is there's a vibrant mortgage market outside of Fannie Mae and we expect that to continue," said Jay Brinkmann, vice president of research and economics for the Mortgage Bankers Association. Fannie Mae's CEO, Franklin Raines, took early retirement, and its chief financial officer, Timoth...