This morning, President Bush signed into law the American Housing and
Economic Recovery Act of 2008. I believe this is important legislation
for our customers, our business, the industry and the U.S. economy.

This legislation serves several primary purposes.

It provides a financial safety net for Fannie Mae and Freddie Mac, should
they need it. As the largest
source of mortgage finance in the U.S., these companies are critical to
stability and liquidity within the marketplace.

It provides refinancing assistance and expanded FHA programs to borrowers
facing potential foreclosure and to new borrowers. The
government wants to reduce foreclosures and keep families in their homes
whenever possible. Reducing foreclosures also helps strengthen
communities and reduces downward pressure on home prices.

It uses tax credits and expanded programs to provide significant
incentives for first-time home buyers who have been reluctant to purchase
a home. While we know that not all families can afford their own home,
this legislation makes it easier for those who strive for this dream.