Someone at Fannie Mae didn't get their NAR talking points.
Fannie Mae sees more housing, credit pain in 2008 - Lender forecasts more credit losses, home-price declines as high as 12%
The lender said there is a "severe correction" in the U.S. housing market. "The decline is expected to be nationwide and is estimated at about one-half of the magnitude of the decline experienced in Southern California in the early 1990s," it said.
Fannie Mae estimated its mortgage portfolio at $723 billion in November.