Regional President Speech

INTRODUCTORY REMARKS FOR MR. KEEHN FRB/FNMA Conference DECEMBER 6, 1988 GOOD MORNING. WELCOME TO.LOOKING AHEAD TO 1989 - HOUSING PROGRAMS THAT WORK: THIS CONFERENCE IS BEING CO-SPONSORED BY THE FOUR MIDWEST FEDERAL RESERVE BANKS - CLEVELAND. MINNEAPOLIS, ST. LOUIS, ANO OUR OWN CHICAGO FEDERAL RESERVE BANK. A TREMENDOUS AMOUNT OF EFFORT HAS BEEN EXPENDED TO BRING THE FOUR RESERVE BANKS TOGETHER, ALONG WITH FANNIE MAE, WHICH IS THE BIGGEST PLAYER IN THE SECONDARY MORTGAGE MARKET TODAY. ANO THE REASON THIS CONFERENCE HAS COME ABOUT IS BECAUSE YOU, THE BANKING COMMUNITY, ASKED FOR IT. IT MAY SEEM AS THOUGH WE AT THE RESPECTIVE FEDERAL RESERVE BANKS DO ALL THE TALKING WHEN WE COME OUT DURING OUR REGULARLY-SCHEDULED EXAMINATIONS OF YOUR LENDING INSTITUTIONS, BUT Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ( 2) LET ME ASSURE YOU THAT UE ALSO LISTEN. AND WHAT OUR EXAMINERS AND COMMUNITY AFFAIRS STAFF BROUGHT BACK TO US UAS YOUR REQUESTS FOR MORE INFORMATION ON FANNIE MAE AND THE FEDERAL FHA MORTGAGE INSURANCE PROGRAM. HOU TO USE THESE PROGRAMS, AND WHETHER THEY CAN HELP YOU MAKE NEEDED HOME MORTGAGES IN YOUR LOCAL COMMUNITIES. IN RESPONSE TO YOUR QUESTIONS, UE HAVE BROUGHT TOGETHER THE TOP PEOPLE FROM FANNIE MAE AND FHA. TODAY. TO GET THIS CONFERENCE STARTED OFF ON A LIVELY NOTE, I UNDERSTAND THAT YOU WILL HAVE THE OPPORTUNITY TO VIEW THE WORLD PREMIER PERFORMANCE OF A SHORT THEATRICAL PIECE. ENTITLED "TO LEND OR NOT TO LEND - THAT IS THE QUESTION", COMPLETELY WRITTEN, PRODUCED, AND ENACTED BY THE FEDERAL RESERVE SYSTEM'S OUN CRA PLAYERS. THIS UILL BE FOLLOWED BY MORE CONVENTIONAL, BUT JUST AS INFORMATIVE. PRESENTATIONS ON FANNIE MAE'S NEU LOU- AND MODERATE-INCOME HOUSING INITIATIVE, INCLUDING DISCUSSIONS BY A NUMBER OF BANKERS UHO HAVE ACTUALLY USED FANNIE MAE TO SET UP SOME VERY INTERESTING NEIGHBORHOOD LENDING PROGRAMS. TOMORROW, FHA REPRESENTATIVES, AND LENDERS WHO USE FHA. UILL TELL YOU Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ( 3) ABOUT SOME RECENT MODIFICATIONS TO FHA'S TWO MOST POPULAR MORTGAGE INSURANCE PROGRAMS THAT MAY CONVINCE YOUR INSTITUTION TO INITIATE OR EXPAND ITS FHA MORTGAGE LENDING ACTIVITIES. I ALSO URGE ALL OF YOU TO MAKE THE MOST OF THE EXCELLENT OPPORTUNITY WHICH THIS CONFERENCE PROVIDES TO "NETWORK" WITH THE OTHER LENDERS GATHERED HERE FOR THE NEXT DAY AND A HALF. ALONG WITH USING THIS UNIQUE OPPORTUNITY TO GET FIRST HAND INFORMATION FROM THE FNMA. FHA AND RESERVE BANK STAFF WHO. I KNOW. ARE MOST EAGER TO MEET WITH YOU. ~2 /±--- FINALLY. I HOPE YOU WILL FIND THAT LEARNING ABOUT THE BENEFITS THAT BOTH FANNIE MAE ANO FHA CAN OFFER TO LENDING INSTITUTIONS IN TERMS OF £r/ t:<.,l<, LOWERING RISK. INCREASING FEE INCOME. AND INCREASING CUSTOMER SERVICE ARE REASONS ENOUGH TO MAKE THIS CONFERENCE WORTHWHILE. BUT THERE IS ONE OTHER FEATURE OF THE PRESENTATIONS THAT YOU WILL HEAR OVER THE NEXT TWO DAYS. AND THAT IS HOW TO ENHANCE YOUR BANK'S CRA PROGRAM USING FANNIE MAE AND FHA, SO THAT EVERYONE COMES OUT A WINNER. THAT'S WHAT A WELL-PLANNED AND EFFECTIVE CRA PROGRAM Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (4) IS ALL ABOUT, AND THAT'S THE MESSAGE UE HOPE YOU UILL BRING BACK TO YOUR RESPECTIVE LENDING INSTITUTIONS. THANK YOU FOR YOUR ATTENTION, WELCOME TO CHICAGO, AND I'LL NOU TURN THE PROGRAM OVER TO ALICIA WILLIAMS. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Silas Keehn (1988, December 5). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19881206_silas_keehn

@misc{wtfs_regional_speeche_19881206_silas_keehn,
  author = {Silas Keehn},
  title = {Regional President Speech},
  year = {1988},
  month = {Dec},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19881206_silas_keehn},
  note = {Retrieved via When the Fed Speaks corpus}
}