Fannie Mae is the common name for the Federal National Mortgage Association, a stock holder owned corporation 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 deed of your home and if thats the case you may be eligible for federal assistance.
The Federal National Mortgage Association was enacted by federal charter in the'30's during the Great Depression. Its cause was to increase the credit availability for low income families by securitizing home loans. This was done to ensure that there was a plentiful supply of money to the companies responsible for issuing home loans to borrowers.
In'68 the federal government changed the once public organization into a privately held company under the direction of a board of directors. As a government sponsored enterprise it has been the object of criticism for its links to the government and semi public classification.
In September of 2008 the crisis in the domestic mortgage market forced the FHFA to put Fannie Mae into conservatorship. Once again the organization was returned to the control of the the federal 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.
Because Fannie Mae's business was all very closely tied up in domestic mortgages and property values the financial crisis was devastating for the organization. Its stability was weakened so much by the drop in home prices that the government was forced to step in.
There had long been suspicion that Fannie Mae and Freddie Mac were backed by the federal government and once those suspicions turned out to be correct the government assumed significant control with those institutions. That public influence is being used to implement programs to assist distressed borrowers.
If Fannie Mae holds your mortgage and you are at risk of falling behind your monthly payments you should be a candidate for relief. - 29970
The Federal National Mortgage Association was enacted by federal charter in the'30's during the Great Depression. Its cause was to increase the credit availability for low income families by securitizing home loans. This was done to ensure that there was a plentiful supply of money to the companies responsible for issuing home loans to borrowers.
In'68 the federal government changed the once public organization into a privately held company under the direction of a board of directors. As a government sponsored enterprise it has been the object of criticism for its links to the government and semi public classification.
In September of 2008 the crisis in the domestic mortgage market forced the FHFA to put Fannie Mae into conservatorship. Once again the organization was returned to the control of the the federal 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.
Because Fannie Mae's business was all very closely tied up in domestic mortgages and property values the financial crisis was devastating for the organization. Its stability was weakened so much by the drop in home prices that the government was forced to step in.
There had long been suspicion that Fannie Mae and Freddie Mac were backed by the federal government and once those suspicions turned out to be correct the government assumed significant control with those institutions. That public influence is being used to implement programs to assist distressed borrowers.
If Fannie Mae holds your mortgage and you are at risk of falling behind your monthly payments you should be a candidate for relief. - 29970
About the Author:
The author has many years of experience as a loan officer and understands how mortgage holders can get foreclosure help, often by taking advantage of
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