What Is Fannie Mae?
The Federal National Mortgage Association (Fannie Mae), the Federal National Mortgage Association, was established in 1938 and is the largest "US government-sponsored enterprise". It is engaged in financial services to expand funds in secondary housing A specialized agency for funds flowing in the market. Since the subprime crisis in September 2008, it has been taken over by the US Federal Housing Finance Agency and delisted from the New York Stock Exchange.
Fannie Mae
- The Federal National Mortgage Association (Fannie Mae), the Federal National Mortgage Association, was established in 1938 and is the largest "US government-sponsored enterprise". It is engaged in financial services to expand funds in secondary housing A specialized agency for funds flowing in the market. Happened in September 2008
- (Federal National Mortgage Association)
- Fannie Mae was founded in 1938. At the time, millions of families in the United States could not own their homes or faced the risk of losing their homes due to the lack of a continuous supply of mortgage funding. Fannie Mae was established by the government to increase the liquidity of mortgage funds and reduce the cost of home purchases. Initially, Fannie Mae, as a government agency, was only authorized to purchase mortgages guaranteed by the Federal Housing Administration. In 1968, Fannie Mae became a private company and its rights were extended to purchase mortgages not guaranteed by the Federal Housing Administration. Today Fannie Mae continues to support, at the request of Congress, support for low- and middle-income US residents to own home ownership.
- Fannie Mae is an integral part of the U.S. housing industry and operates in the U.S. secondary mortgage credit market to ensure that home mortgage banks and other lenders have sufficient funds to lend to home buyers at low interest rates. Fannie Mae does not provide loans directly to home buyers, but supports home loan funds by purchasing home mortgage loans from various lenders that provide loans directly to home buyers. The lenders that do business with Fannie Mae are part of the primary mortgage market. Primary market lenders include mortgage loan companies, deposit and lending institutions, commercial banks, credit cooperatives, and national and local housing credit institutions. These lenders sell their mortgages on the secondary market. Secondary market investors include Fannie Mae, various pension funds,
- Fannie Mae was founded by the United States Government, initially as an agency of the United States Government. After that, Fannie Mae changed to a private joint-stock company, and the shares were listed on the New York Stock Exchange. But it still serves public goals, and responsibilities are determined by Congress. Now, affected by the subprime mortgage crisis, Fannie Mae has been taken over by the US government.
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- On a sunny Monday in June 2002, at
- On June 16, 2010, the United States Federal Housing Finance Agency issued a statement demanding that its two major mortgage giants Fannie Mae and
- Guanyan World News: The Federal National Mortgage Association (Fannie Mae, Fannie Mae) sued nine of the world's largest banks for alleged interest rate manipulation. The move has allowed Fannie Mae to participate in the litigation battle over the interest rate manipulation scandal.
- Fannie Mae filed a lawsuit in Manhattan Federal District Court on Thursday, claiming that the prosecuted banks had caused Fannie Mae an estimated $ 800 million in losses by manipulating the Libor and other benchmark interest rates. Fannie Mae also sued the British Bankers' Association, a private association of large British banks.
- The US banks that have been sued include: Bank of America Corp., Citigroup Inc. and JP Morgan Chase & Co. Other banks include: Barclays Bank PLC, UBS AG, Royal Bank of Scotland PLC, Deutsche Bank AG, Credit Suisse Group AG and Rabobank (Rabobank Group).
- The four banks involved in the case, Rabobank, RBS, UBS and Barclays, have reached settlements with regulators. The four banks acknowledged wrongdoing and agreed to pay billions of dollars in settlements.
- Bank of America, Citigroup, JP Morgan Chase, Barclays, Royal Bank of Scotland, Credit Suisse, Rabobank and British Bankers' Association declined to comment on Thursday. UBS and Deutsche Bank did not immediately respond to requests for comment.
- Fannie Mae said that the nine banks colluded to suppress the US dollar Libor, which caused Fannie Mae to lose money in interest rate swap transactions. Fannie Mae used interest rate swaps to hedge the risk of investing in mortgages. The lawsuit includes an analysis that found that the Libor quotes from these banks were particularly noticeable when they settled their block swap positions with Fannie Mae.
- Fannie Mae said in the filing that the company seeks at least $ 800 million in damages, including punitive damages, to cover losses.
- In 1938, the government funded the establishment of Fannie Mae to engage in financial business to expand funds flowing in the secondary housing consumer market.
- In 1944, Fannie Mae's authority was extended to loan guarantees, and the company was mainly managed by veterans.
- In 1954, Fannie Mae became a joint-stock company.
- In 1968, Raymond H. Lapin became the president of Fannie Mae. During his 30 years in office, he modified the company's system to become a private joint-stock company.
- In 1970, Fannie Mae shares were listed on the New York Stock Exchange.
- In 1981, David O. Maxwell became the company's CEO, and he adjusted the guarantee fee to introduce securities affairs (MBS).
- In 1984, Fannie Mae issued corporate bonds overseas for the first time. Since then, the company's business has entered foreign financial markets.