In 2001, your company helped a record 5.2 million Americans purchase or refinance homes or obtain affordable rental housing. Fannie Mae helped to expand mortgage consumer rights, broaden homeownership among Americans of color and modest means, and spruce up old neighborhoods all over the country.
Fannie Mae is one of only three companies in the Standard & Poor's 500 index to achieve double-digit growth in operating earnings per share for each of the past 15 years.
At a time when the market, shareholders, policy makers, and the public are seeking - and deserve - additional assurance and confidence in their public companies, Fannie Mae is a model for openness, transparency, regulatory oversight, capital protections, and market discipline.
Housing is a safe, leveraged investment - the only leveraged investment available to most families - and it is one of the best returning investments to make.
Home values are expected to rise even faster in this decade than in the 1990s as homes continue to get bigger and better, the growth in households and homeownership rates boost the demand for homes, and the supply of homes will be squeezed by land use and growth restrictions.
Fannie Mae's key role in housing America is to help supply the mortgage capital. The demand for the housing capital Fannie Mae provides is - and will be - especially great because we supply the lowest-cost capital on the most consumer friendly, flexible terms in the market.
Your company has a lot of work to do, and many great years ahead.
~ Franklin D. Raines, chairman and CEO, Fannie Mae, Fannie Mae 2001 Annual Report
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