Fannie Mae is the common name for the Federal National Mortgage Association, a privately owned organization that last year was placed under conservatorship of the government due to significant financial distress. There is a good chance they are the holder of the deed of your home and if so you could be eligible for federal assistance.
The Federal National Mortgage Association was enacted by public charter in the'30's during the Great Depression. Its cause was to expand the home mortgage availability for low income Americans by securitizing home loans. This was done to make sure that there would be plentiful supply of money to the companies responsible for giving mortgages to home buyers.
In'68 the government changed the once public organization into a privately held company under the control of shareholders. As a government sponsored enterprise it has been criticized for its relationship to the government and near public status.
In September of 2008 the crisis in the domestic mortgage market forced the Federal Housing Finance Agency to put Fannie Mae under federal control. Once again the organization was returned to the control of the the government.
It was believed that at that time Fannie Mae and the similar corporation Freddie Mac guaranteed approximately one half of the US $12 trillion dollar real estate market. It had revenues of more than $51 billion in 2008 and more than $880 billion in assets at the end of 2007.
With all of the organizations assets closely linked in virtually every aspect of the US property market the financial crisis forced congress to step in with public support.
Once the government made their control of Fannie Mae official by bailing them out they also began enacting lending reforms. As the main backer the federal government now has a substantial voice in the how Fannie Mae treats its mortgage holders, and is using that influence to help home owners.
If Fannie Mae holds your mortgage and you are at risk of falling behind your monthly payments you should be a candidate for relief. - 29971
The Federal National Mortgage Association was enacted by public charter in the'30's during the Great Depression. Its cause was to expand the home mortgage availability for low income Americans by securitizing home loans. This was done to make sure that there would be plentiful supply of money to the companies responsible for giving mortgages to home buyers.
In'68 the government changed the once public organization into a privately held company under the control of shareholders. As a government sponsored enterprise it has been criticized for its relationship to the government and near public status.
In September of 2008 the crisis in the domestic mortgage market forced the Federal Housing Finance Agency to put Fannie Mae under federal control. Once again the organization was returned to the control of the the government.
It was believed that at that time Fannie Mae and the similar corporation Freddie Mac guaranteed approximately one half of the US $12 trillion dollar real estate market. It had revenues of more than $51 billion in 2008 and more than $880 billion in assets at the end of 2007.
With all of the organizations assets closely linked in virtually every aspect of the US property market the financial crisis forced congress to step in with public support.
Once the government made their control of Fannie Mae official by bailing them out they also began enacting lending reforms. As the main backer the federal government now has a substantial voice in the how Fannie Mae treats its mortgage holders, and is using that influence to help home owners.
If Fannie Mae holds your mortgage and you are at risk of falling behind your monthly payments you should be a candidate for relief. - 29971
About the Author:
The writer has many years of experience as a loan officer and understands how home owners can find foreclosure help, often by taking advantage of
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