OFHEO's Lockhart gives thumbs up on Fannie plan

CHICAGO (Reuters) - A new policy on mortgage downpayment requirements from Fannie Mae (FNM.N: Quote, Profile, Research, Stock Buzz) is a "sound" move that could help uncover pent-up demand for mortgages, James Lockhart, director of the Office of Federal Housing Enterprise, said on Friday.

Lockhart was talking to reporters after a speech at the Federal Reserve Bank of Chicago's bank structure conference.

"They're doing it in a controlled and good manner," Lockhart said of Fannie's move. "It's still sound underwriting and makes sense in this type of market."

"There is pent-up demand for housing," Lockhart said. "Maybe people are thinking that now is the right time to get a mortgage."

Lockhart said the components of the Senate Banking Committee's housing bill that touch on the government-sponsored enterprises, or GSEs, regulated by OFHEO, "look like a good, solid bill."

"Hopefully they'll vote on Tuesday and get moving on this," Lockhart said. "If they can't get the legislation done now, then when?"

(Reporting by Ros Krasny)