Shares of Fannie Mae FNMA, -8.75% plunged 12.3% and Freddie Mac FMCC, -8.21% plummeted 11.4% in afternoon trading Friday, after the trump administration unveiled its plan for housing finance reform,
Fannie Mae and Freddie Mac are government-sponsored entities (GSEs) that act as links between banks and lenders, the federal government, and private investors. Their mission is to provide easy access to funds, or "liquidity", to thousands of banks, savings and loans entities, and other mortgage companies that lend to homebuyers.
Fannie Mae stands for the Federal National Mortgage Association, or FNMA (FNMA becomes Fannie Mae, get it?). Fannie’s brother organization is Freddie Mac, aka the Federal Home Loan Mortgage.
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WASHINGTON (AP) — The Trump administration has unveiled its plan for ending government control of Fannie Mae and Freddie Mac, the two giant mortgage finance companies that nearly collapsed in the.
President Donald Trump’s point men on housing finance will take to Capitol Hill on Tuesday looking to sell lawmakers on their plan for freeing fannie mae and Freddie Mac. But with legislation unlikely.
What Are Fannie Mae and Freddie Mac? Both Fannie Mae and Freddie Mac are GSEs, or government sponsored enterprises. They’re regulated by the Federal Finance Housing Agency, and as a result they’re limited by the Federal Government when it comes to the kinds of loans they’re able to offer and the borrowers to whom they’re able to lend.
The federal takeover of Fannie Mae and Freddie Mac was the placing into conservatorship of the government-sponsored enterprises Federal National Mortgage Association and Federal Home Loan Mortgage Corporation by the U.S. Treasury in September 2008. It was one of the financial events among many in the ongoing subprime mortgage crisis. On September 6, 2008, the director of the Federal Housing Finance Agency, James B. Lockhart III, announced his decision to place the two GSEs into a conservatorship
(Fannie Mae was originally created in 1938, but until its privatization in 1968 it was a part of the U.S. government). Fannie Mae and Freddie Mac created a liquid secondary market for mortgages.
The Federal National Mortgage Association ("Fannie Mae") and the Federal Home Mortgage Corporation (" Freddie Mac ") were chartered by Congress to create a secondary market for residential mortgage loans. They are considered "government-sponsored enterprises" (GSEs) because Congress authorized their creation and established their public purposes.
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