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FANNIE MAE

WHAT IS FNMA?

The Federal National Mortgage Association or FNMA; commonly known as Fannie Mae, was founded in 1938 during the Great Depression as part of the New Deal. It is a government-sponsored enterprise (GSE), though it has been a publicly traded company since 1968. The corporation’s purpose is to expand the secondary mortgage market by securitizing mortgages in the form of mortgage-backed securities (MBS), allowing Florida mortgage lenders to reinvest their assets into more Florida home loans and in effect increasing the number of Florida mortgage lenders in the mortgage market by reducing the reliance on thrifts.


HISTORY

The Federal National Mortgage Association (FNMA), colloquially known as Fannie Mae, was established in 1938 by amendments to the National Housing Act after the Great Depression as part of Franklin Delano Roosevelt’s New Deal. Fannie Mae was established to provide Florida mortgage lenders with federal money to finance Florida home mortgages in an attempt to raise levels of home ownership and the availability of affordable Florida housing. Fannie Mae created a liquid secondary mortgage market and thereby made it possible for Florida mortgage banks and other Florida home loan originators to issue more housing loans, primarily by buying Federal Housing Administration Florida FHA mortgage loans. For the first thirty years following its inception, Fannie Mae held a monopoly over the secondary mortgage market.

It was acquired by the Housing and Home Finance Agency from the Federal Loan Agency as a constituent unit in 1950.In 1954, an amendment known as the Federal National Mortgage Association Charter Act made Fannie Mae into “mixed-ownership corporation” meaning that federal government held the preferred stock while private investors held the common stock; in 1968 it converted to a privately held corporation, to remove its activity and debt from the federal budget In the 1968 change, arising from the Housing and Urban Development Act of 1968, Fannie Mae’s predecessor (also called Fannie Mae) was split into the current Fannie Mae and the Government National Mortgage Association (“Ginnie Mae”).

Ginnie Mae, which remained a government organization, supports Florida FHA mortgages as well as Veterans Administration Florida VA mortgage loans and Farmers Home Administration (FmHA) insured mortgages. As such Ginnie Mae is the only home-loan agency explicitly backed by the full faith and credit of the United States government.

In 1970, the federal government authorized Fannie Mae to purchase private Florida mortgages, 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.

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