Treasury to spend up to $400 billion to "shore up" The Federal National Mortgage Association ("Fannie Mae") and The
Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac").
On September 6, 2008, the Federal Housing Finance Agency (FHFA) placed the Federal National Mortgage Association (Fannie Mae) and the
Federal Home Loan Mortgage Corporation (Freddie Mac) into conservatorships.
Lee Jr., senior director of corporate relations and housing outreach,
Federal Home Loan Mortgage Corporation; John Arriaga, executive director of the League of California Cities Latino Caucus; and Helen Kawagoe, city clerk of Carson, Calif.
Lea is former chief of the
Federal Home Loan Mortgage Corporation.
and then recently decided to take over the Federal National Mortgage Association (Fannie Mae) and the
Federal Home Loan Mortgage Corporation (Freddie Mac).
Few in the UAE, or for that matter in the entire Middle East, might have heard of the Federal National Mortgage Association (Fannie Mae) or the
Federal Home Loan Mortgage Corporation (Freddie Mac) until two weeks ago.
Such are the fears for the survival of Fannie Mae (the Federal National Mortgage Association, founded in 1938) and its younger sibling Freddie Mac (the
Federal Home Loan Mortgage Corporation, set up in 1970 as competition to Fannie Mae) that between them the semi-privatised businesses have lost nearly 80 per cent of their market value in recent weeks.
They own half of the US mortgage market - worth pounds 6TRILLION - and their full names are the
Federal Home Loan Mortgage Corporation and the Federal National Mort gage Association.
The congressional acts that chartered the GSEs require the GSEs to "provide ongoing assistance to the secondary market for residential mortgages (including activities relating to mortgages on housing for low- and moderate-income families involving a reasonable economic return that may be less than the return earned on other activities)" and to "promote access to mortgage credit throughout the Nation (including central cities, rural areas, and underserved areas)" (Federal National Mortgage Association Charter Act, Sections 301 (3) and (4);
Federal Home Loan Mortgage Corporation Act, Sections 301 (b) (3) and (4)).
The Veterans Benefits Improvement Act of 2004 tied increases in the VA guaranty to the
Federal Home Loan Mortgage Corporation's conforming loan limit, allowing VA to keep pace with rising home values.