We demonstrate a fundamentally mode-locked fiber laser with a repetition frequency in excess of 2 GHz at a central wavelength of 1.535μm. Co-doped ytterbium-erbium fiber provides the gain medium for the laser, affording high gain per unit length, while a semiconductor saturable absorber mirror (SAM) provides the pulse shaping mechanism in a standing wave cavity. Results are shown confirming cw mode-locking for 1 GHz and 2 GHz repetition frequency systems. The response of the frequency comb output to pump power variations is shown to follow a single pole response. The timing jitter of a 540 MHz repetition-rate laser has been suppressed to below 100 fs through phase-lead compensated feedback to the pump power. Alternatively, a single comb line of a 850 MHz repetition-rate laser has been phase-locked to a narrow linewidth cw laser with an in-loop phase jitter of 0.06rad2. The laser design is compatible with low-noise oscillator applications.