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Fannie Mae Not Worried About Credit Problems.(Brief Article)
Fannie Mae's chief credit officer says that despite a cooling economy, the giant mortgage entity's credit costs will have no negative impact on the company's net income growth this year.
Adolfo Marzol of Fannie Mae said the company's credit performance remains excellent, and he is optimistic about future credit losses.
"Although credit could be a serious problem for many financial institutions in 2001, it should not be for Fannie Mae," he said. "The company's credit losses during the second half of 2000 amounted to barely one percent of our total revenues. This equates to a ratio of revenue to credit losses of about 100 to 1," he said.
He said Fannie Mae is confident that it can continue to experience good credit results over the next three to five years even in a weaker economic environment.
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