] ] As of 2008, Fannie Mae and the Federal Home Loan Mortgage Corporation (Freddie Mac) owned or guaranteed about half of the U.S.'s $12 trillion mortgage market. The action is "one of the most sweeping government interventions in private financial markets in decades".
FANNIE MAE FORECLOSURES SINCE SEPTEMBER 2008 MAC
On September 7, 2008, James Lockhart, director of the Federal Housing Finance Agency (FHFA), announced that Fannie Mae and Freddie Mac were being placed into conservatorship of the FHFA (see Federal takeover of Fannie Mae and Freddie Mac).
By purchasing and securitizing mortgages, Fannie Mae facilitates liquidity in the primary mortgage market by ensuring that funds are consistently available to the institutions that do lend money to home buyers. Contrary to some misleading information in the media, Fannie Mae does not make home loans directly to consumers, but rather functions as a leading participant in the U.S. The Federal National Mortgage Association ( FNMA) ( nyse|FNM), commonly known as Fannie Mae, is a stockholder-owned corporation chartered by Congress in 1968 as a government sponsored enterprise (GSE), but founded in 1938 during the Depression. Operating_income = US$ -5.1 billion for 2007 Revenue = $44.8 billion for 2007 cite web |url= |title=Google Finance: Fannie Mae |work= Google |accessdate=] Company_name = Federal National Mortgage Association (Fannie Mae)Ĭompany_type = Government Sponsored Enterprise & Public company
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