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In 1970, the federal government authorized Fannie Mae to purchase conventional loans, i.e. those not insured by the FHA, VA, or FmHA, and created the Federal Home Loan Mortgage Corporation (FHLMC), colloquially known as Freddie Mac, to compete with Fannie Mae and thus facilitate a more robust and efficient secondary mortgage market. [16]
Fannie Mae's Reston, Virginia, facility. The GSE business model has outperformed any other real estate business throughout its existence. According to the Annual Report to Congress, [13] filed by the Federal Housing Finance Agency, over a span of 37 years, from 1971 through 2007, Fannie Mae's average annual loss rate on its mortgage book was about four basis points.
Ginnie Mae is similar to Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation) with the difference being that Ginnie Mae is a wholly owned government corporation whereas Fannie Mae and Freddie Mac are "government-sponsored enterprises" (GSEs), which are federally chartered corporations ...
Created during the Great Depression, Fannie Mae is structured as a shareholder-owned company, ... Fannie Mae loan products. Like government agencies such as the Federal Home Administration (FHA ...
Fannie Mae and Freddie Mac today are privately owned - but, due to a government bailout during the 2008 housing crisis, are under control of the Federal Housing Finance Agency.
Fannie Mae and Freddie Mac are government-sponsored enterprises. Congress created both with the goal of adding stability and affordability to the country’s mortgage market.
A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress.Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the capital market more efficient and transparent, and to reduce the risk to investors and other suppliers of capital.
Freddie Mac came along later, in 1970, as the Federal Home Loan Mortgage Corporation (FMCC) that was, like Fannie Mae, entirely owned by the government. The two are often referred to as GSEs ...