Fannie Mae is the better known name for the Federal National Mortgage Association, a stock holder owned organization that last year was put under conservatorship of the government due to significant financial distress. There is a good chance they are the owner of the title of your property and if so you may be eligible for federal assistance.
Fannie Mae was enacted by federal charter in 1938 during the Great Depression. Its mandate was to increase the home mortgage availability for low income families by securitizing home loans. This was done to make sure that there would be stable supply of funding to the institutions responsible for giving home loans to home buyers.
In'68 the government converted the once public institution into a privately owned company under the direction of a board of directors. As a government sponsored enterprise its existence has been the object of criticism for its relationship to the government and near public classification.
In late 2008 the crisis in the domestic mortgage market forced the FHFA to put Fannie Mae under federal control. Once again the organization was returned to the control of the the government.
In 2008 the total value of United States' mortgage holdings was estimated to be about twelve trillion dollars. Fannie Mae, and its sister organization Freddie Mac, together held about half of that value. At the end of 2007 auditors reviewing the books determined that Fannie Mae had assets of more than 880 billion dollars.
With all of the companies business closely intertwined in just about all aspects of the US property market the mortgage crisis forced congress to intervene with public money.
Many experts suspected that Fannie Mae and Freddie Mac were supported by the federal government and once those suspicions turned out to be true the federal government assumed significant control with those institutions. That government influence is being used to implement policies to help distressed mortgage holders.
If you are a borrower with a loan guaranteed by Fannie Mae you could qualify for government mortgage assistance. - 32499
Fannie Mae was enacted by federal charter in 1938 during the Great Depression. Its mandate was to increase the home mortgage availability for low income families by securitizing home loans. This was done to make sure that there would be stable supply of funding to the institutions responsible for giving home loans to home buyers.
In'68 the government converted the once public institution into a privately owned company under the direction of a board of directors. As a government sponsored enterprise its existence has been the object of criticism for its relationship to the government and near public classification.
In late 2008 the crisis in the domestic mortgage market forced the FHFA to put Fannie Mae under federal control. Once again the organization was returned to the control of the the government.
In 2008 the total value of United States' mortgage holdings was estimated to be about twelve trillion dollars. Fannie Mae, and its sister organization Freddie Mac, together held about half of that value. At the end of 2007 auditors reviewing the books determined that Fannie Mae had assets of more than 880 billion dollars.
With all of the companies business closely intertwined in just about all aspects of the US property market the mortgage crisis forced congress to intervene with public money.
Many experts suspected that Fannie Mae and Freddie Mac were supported by the federal government and once those suspicions turned out to be true the federal government assumed significant control with those institutions. That government influence is being used to implement policies to help distressed mortgage holders.
If you are a borrower with a loan guaranteed by Fannie Mae you could qualify for government mortgage assistance. - 32499
About the Author:
The author has significant experience as a loan officer and understands how home owners can get mortgage assistance, many times through
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