Who are the Federal National Mortgage Association (FNMA, Fannie Mae)?
Answer:The Federal National Mortgage Association, alternatively called FNMA and Fannie Mae, is a major participant in the U.S. housing industry. They buy mortgages from primary market lenders such as banks, mortgage companies, and other financial entities that loan money directly to borrowers.
Fannie Mae has been founded in 1938 by the government during President Roosevelt's rule. Fannie Mae's mission was to alleviate the gloomy situation at the time when many Americans either could not afford to buy a house or risked losing their homes due to insufficient mortgage funds throughout America. FNMA helped expand the flow of home loans money and thus lowered the costs of buying a house.
Nowadays Fannie Mae is rechartered by Congress as a shareholder-owned company operating with private capital from all over the world. It runs successfully in the US secondary mortgage market ensuring that bankers and lenders have enough money at their disposal to lend to people willing to become owners of their homes.
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Common misspellings: mortage and morgage