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Thursday, May 31, 2012 - 16:46

US FHFA Takes Another Step Forward In GSE Conservatorship

WASHINGTON (MNI) - The Federal Housing Finance Agency Thursday, took another step forward with its plan to meld Fannie Mae and Freddie Mac together while reducing their footprint in the mortgage market, appointing a director to lead the initiative.

FHFA Acting Director Edward DeMarco announced that Wanda DeLeo will be the Deputy Director of the newly created "Office of Strategic Initiatives" which oversee the FHFA's Strategic Plan for the conservatorship of the GSE's.

"Her proven management skills and experience are ideal to coordinate the numerous activities required at FHFA and Fannie Mae Freddie Mac to achieve the goals set forth in the Strategic Plan," DeMarco said in statement.

The Strategic Plan which was sent to Congress by the FHFA sets the following goals:

--Build a new infrastructure for the secondary mortgage market;

--Contract (gradually) the Enterprises' dominant presence in the marketplace while simplifying and shrinking their operations; and

--Maintain foreclosure prevention activities and credit availability for new and refinanced mortgages.

DeLeo has previously held a number of different positions at FHFA and will now be the main contact for anything related to the Strategic Plan.

"Her immediate task will be to identify and organize key stakeholders, work streams and deliverables that flow from the plan," the FHFA said.

** MNI Washington Bureau: 202-371-2121 **

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