Fannie Mae says mortgage insurers like its plan. (Federal National Mortgage Association)

From: National Underwriter Life & Health-Financial ServicesEdition | Date: May 26, 1997| Author: | Copyright information

Federal National Mortgage Association (Fannie Mae) VP of corporate relations David Jeffers says that mortgage life insurers are reacting favorably to Fannie Mae's pilot project to develop a new mortgage protection plan. The plan has raised concerns in Congress, especially from House Banking Committee Chairman Rep. Jim Leach. Jeffers said that the product would be funded by retained earnings, not by borrowing from the bond market, as some critics have charged.

A controversial "mortgage protection plan" being developed by the Federal National Mortgage Association has been well received by ...

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