Fannie Hoping for Early Return to ADC Market

Fannie Mae is hoping its regulator -- the Office of Federal House Enterprise Oversight -- will complete a review of its residential construction loan program soon, enabling the company to get back into the market again.OFHEO suspended Fannie's purchases of acquisition, development, and construction loans last summer, citing concerns about the program's controls and procedures. MortgageWire has learned that Fannie Mae has delivered all information that OFHEO requested on May 8, and now the government-sponsored enterprise is waiting for the regulator's decision. Fannie operated an ADC pilot program under the oversight of the Department of Housing and Urban Development for 12 years. But when Fannie wanted to expand the ADC program last year, OFHEO intervened. Fannie Mae can be found online at http://www.fanniemae.com.