Fannie Mae is, according to Real Estate Wiki (www.realestatewiki.com) 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 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. They have a federal charter and operate 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.
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.
According Real Estate Wiki (www.realestatewiki.com), Freddie Mac is detailed as a stockholder-owned corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. Since Freddie Mac was created in 1970, it has pursued the purpose to provide a continuous and low-cost source of credit to finance America's housing.
For hundreds of FAQ’s on financing of homes, refinancing, foreclosures, short sales, property auctions and bank owned properties visit http://www.realestatewiki.com/wiki_content/Financing.htm
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