FNMA

Federal National Mortgage Association

One of the world's largest buyers of home mortgages, Fannie Mae doesn't lend to homebuyers directly — it buys loans from banks and lenders, freeing their cash so they can keep making new home loans, and bundles those mortgages into securities. Created in 1938 as part of Franklin Roosevelt's New Deal to steady the Depression-era housing market, it later became a privately owned government-sponsored enterprise. Its famous nickname comes from its acronym FNMA, which witty Washington insiders quickly pronounced "Fannie Mae" within months of its founding.

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