Fannie Mae CEO Predicts Housing Won’t Improve Until 2010

Baltimore–The housing market won’t recover until 2010, according to the head of Fannie Mae.Speaking Tuesday at the Society of American Business Editors and Writers’ annual conference in Baltimore, Fannie Mae CEO and President Daniel Mudd said he doesn’t think the economy will see “some recovery and growth” until housing sales grow and prices stabilize, the Baltimore Sun reports.”We think at Fannie Mae that ’08 is going to be a tough year, kind of a continuation of the end of 2007; ’09 will be similar,” Mudd said.The current state of the market is uncertain, according to Mudd.”I think the reality of it is that nobody knows where we are right now,” he said. “This is terra incognita.”