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Article: In Brief: ABA, Fannie in Secondary Market Pact.(Fannie Mae partnership with the American Bankers Association)(Brief Article)(Statistical Data Included)
- Article from:
- American Banker
- Article date:
- March 8, 2002
- Author:
CopyrightCOPYRIGHT 2002 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The American Bankers Association and Fannie Mae announced a partnership this week that would give ABA members increased access to the secondary mortgage market.
Fannie will provide volume discounts to participating ABA members and originate a variety of nontraditional mortgages -- including adjustable-rate and high-loan-to-value mortgages -- for resale later.
"This partnership gives our community bank members a fast, affordable and efficient way to access the secondary market," Donald G. Ogilvie, the ABA's executive vice president, said in a prepared statement Monday. "Our bankers who road-tested these products agree that they will have a big impact on ...