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Bush: Fannie, Freddie must provide access to credit

WASHINGTON
Tue Jul 15, 2008 10:37am EDT
President George W. Bush announces plans to lift a ban on oil exploration in the Outer Continental Shelf during a statement in the Rose Garden of the White House in Washington July 14, 2008. REUTERS/Kevin Lamarque (UNITED STATES)

WASHINGTON (Reuters) - President George W. Bush on Tuesday said Fannie Mae and Freddie Mac must be able to continue providing access to credit and the mortgage lenders should remain owned by shareholders.

"We must ensure that they can continue providing access to mortgage credit during this time of financial stress," Bush said. He urged Congress to quickly pass housing legislation that includes reforms for the regulator of the two lenders.

(Reporting by Jeremy Pelofsky; Editing by Theodore d'Afflisio)


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