|Fannie Mae is a shareholder-owned company with the mission to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market.
Fannie Mae has a federal charter and operates in America's secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Its job is to help those who house America.
Fannie Mae was created in 1938, under President Franklin D. Roosevelt, at a time when millions of families could not become homeowners, or risked losing their homes, for lack of a consistent supply of mortgage funds across America.
The government established Fannie Mae in order to expand the flow of mortgage funds in all communities, at all times, under all economic conditions, and to help lower the costs to buy a home.
In 1968, Fannie Mae was re-chartered by Congress as a shareholder-owned company, funded solely with private capital raised from investors on Wall Street and around the world.
In September 2008 The Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac into conservatorship and appointed David M. Moffett as chief executive officer. In addition, the U.S. Department of Treasury has established a Preferred Stock Purchase Agreement with the company to ensure Freddie Mac can continue to provide stability and liquidity to the U.S. mortgage market. Read statement from FHFA Director James B. Lockhart and Treasury Secretary Henry M. Paulson Jr., as well as a Q&A on the Treasury Senior Preferred Stock Purchase Agreement.
In addition, in early 2009 Fannie Mae tightened lending on condos to respond to the credit market.