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FANNIE MAE |
Being a government based enterprise (GSE) and licensed by Congress, Fannie Mae works with an aim to provide liquidity, stability and affordibility to the U.S. housing and mortgage markets.
It functions in the U.S. secondary mortgage market. Instead of making home loans directly available to the clients or consumers, it operates along with mortgage bankers, brokers and other main mortgage market allies to make sure that they have sufficient funds to loan to home buyers at affordable rates. It finances its mortgage investments chiefly through doling out debt securities both in the domestic as well as international capital markets.
It was instituted as a central agency in 1938, and was licensed by Congress in 1968 as a private shareholder-owned company. On September 6, 2008, Director James Lockhart of the Federal Housing Finance Agency (FHFA) appointed FHFA as conservator of Fannie Mae. The U.S. Department of the Treasury has agreed to provide up to $200 billion capital required to ensure the company continues to provide liquidity to the housing and mortgage markets.
The three major business lines that Fannie Mae operates in are
Apart from this, these exchanges contribute to the company's objective to increase the amount of funds obtainable so as to make homeownership and rental housing more accessible and reasonably priced
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*Single-Family
*Housing and Community Development
*Capital Markets - that provide services and products to lenders and a broad range of housing partners.
Apart from this, these exchanges contribute to the company's objective to increase the amount of funds obtainable so as to make homeownership and rental housing more accessible and reasonably priced
Mortgage Limits : Single Family
As per the Housing and Economic Recovery Act of 2008 modifications, Fannie Mae aimed to expand the meaning of a "conforming" loan. There are two sets of limits are given for first mortgages -- general conforming loan limits, and high-cost area conforming loan limits.
The conforming loan limits is applicable to all conservative mortgages that were brought to Fannie Mae on or after January 1, 2010. It is to be noted that the 2010 general conforming loan limits are identical to the 2006, 2007, 2008, and 2009 conforming loan limits. The high-cost areas are determined by the Federal Housing Finance Agency and remained the same in 2009 and 2010.
Initiatives
Fannie Mae will continue to sustain the government bodies, making proposals that would cater to the most urgent needs of the communities. This dedication includes assistance from Fannie Mae to aid the Homeless Program, which has been held annually for 21 years and is now the biggest awareness and money raising event of its kind in the nation.
The charitable program would be based on a policy that tackles the nation's hard-hitting housing challenges. It would also take actions towards preventing and putting an end to the problem of lack of refuge, thereby strengthening the hometown of Washington, D.C.
Employees
The volunteerism of Fannie Mae's employee and its benevolent ventures assist the organization’s utmost concern of aiding the people to maintain their homes and even out neighborhoods affected by foreclosures. It is also receptive to additional housing disputes by endorsing reasonable housing and supporting to build lively communities.
To prevent and end the issue of homelessness is the primary objective of Fannie Mae. Innovative steps to carry on the same have been deeply embedded in this company for almost two decades and more now. A Homeless Program was generated by Fannie Mae’s employees in 1988 and presently involves thousands of adults and students who raise money and awareness for the significant needs of families, children, and individuals who are homeless or at risk of becoming homeless. Fannie Mae is focusing on the development of permanent housing facilities that offers a lasting solution for ceasing homelessness.
Another goal of Fannie Mae's hometown for 70 years is building communities in Washington and will continue to be the focal point of the company as a part of altruistic motive. The organizations pledge to its hometown is inclusive of adding up to the present supply of reasonably priced housing, fighting homelessness, sustaining financial literacy, labor force development and structuring lively, thriving neighborhoods.
The organizations employees are ardent and excited about their commitment in contributing back to their communities. Its employees volunteer thousands of hours annually. Last year their personal charitable contributions, matched by the company, resulted in nearly $2 million that is given to almost 1,000 nonprofit organizations. Also more than 1,400 employees have used their special leaves in order to help rebuild the hurricane-ravaged Gulf Coast by pitching in to repair their homes and playgrounds. Fannie Mae employees will continue to roll up their sleeves and pitch in wherever they're needed, especially with foreclosure prevention and financial literacy efforts that are taking place across the country.
The Office of Community and Charitable Giving does not accept unsolicited grant proposals.
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