Freddie Mac & Fannie Mae committed to raising more capital

Henry Paulson, the U.S. Treasury Secretary has been saying how pleased he is that Freddie Mac and Fannie Mae are committed to raising more capital this spring, he also commented about the reform of the government-sponsored enterprises, saying that is the best way to combat foreclosures.

Paulson also went on to say that foreclosures will hit about 2.5 million in 2008; this is compared to 1.5 million in 2007 and just 800,000 in 2004 however; that was back when the economy was strong. Paulson has said that the best way to prevent foreclosures, was GSE reform, this is the largest step that congress can make to help assist in the necessary correction.

Paulson also added that the inevitable correction process is well under way, he made the point of saying that overhang of supply for single-family unit housing down 21% since the peak in back in 2006.

Existing home sales seems to have flattened over the past several months, this is yet another sign that we are well in to the adjustment process, this indicates that demand might just be stabilizing; this is according to Henry Paulson.

Foreclosures looks set to continue for some time yet however; with the Hope Now Alliance, it looks as if it is making some progress to ward off preventable foreclosures.

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