ORLANDO, FLA. - Despite Fannie Mae President and CEO Daniel Mudd and Freddie Mac Chairman and CEO Richard Syron not showing up for the Mortgage Bankers Association's 92nd annual Convention and Expo 2005, the show went on with Freddie Mac President and COO Eugene McQuade picking up the slack.

In his prepared remarks, McQuade decided to do away with the usual "rah-rah trade speech" as Freddie Mac, and the rest of the country, is dealing with a bigger problem: the aftermath of Hurricanes Katrina, Rita, and, more currently, Wilma. McQuade enumerated Freddie Mac's efforts to respond to the problem, including allocating a certain part of its retained portfolio for buying loans in affected regions that closed before the hurricanes hit as well as suspending payments for borrowers in these areas.

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