Phoenix, AZ -- (SBWIRE) -- 07/25/2013 -- The Federal National Mortgage Association, otherwise known as Fannie Mae, was developed in 1938 as part of FDR’s New Deal. Credit-yogi.com is here to some insight about this subject so that others may understand it more clearly, including:
- Purposes
- 1968 Separation
- The Corporation
- Fannie Mae Today
Facing Foreclosure? Simple Process to stop mortgage Foreclosure!
Fannie Mae Purposes
The major purposes of Fannie Mae are to a) provide stability for the secondary residential market; b) make appropriate response to the private market; and c) to provide aid to low-income individuals so that they may obtain mortgages. The Federal National Mortgage Association foreclosure program is implemented as a last resort if a homeowner defaults on his mortgage loan. Fannie Mae’s goal is to help people retain ownership of their homes, not to take them away, so it takes every step to avoid filing foreclosure documents.
Separation in 1968
From 1938 until 1968, the Federal National Mortgage Association was one unit and was attached to the Department of Housing and Urban Development (HUD). The Association, the first part of the separation, retained all of the liabilities and assets of the corporation prior to its separating. It has retained its principal office in the District of Columbia (Washington, D.C.) since the division of the whole. The Association was allowed to open other offices wherever it was deemed necessary to further the goal of providing assistance to those living in low-income areas.
Fannie Mae Foreclosures
Federal National Mortgage Association foreclosure(s) are homes that currently belong to the Fannie Mae foreclosed homes program because the owners could no longer pay their mortgages. If one is searching for an inexpensive home, he should inquire about these houses. They are lower in price than other homes and are in reasonable conditions. These foreclosed properties are excellent bargain homes for most people, even those with poor credit. Look into Fannie Mae foreclosure homes online.
Today’s Fannie Mae
Since 1938, the Federal National Mortgage Association (Fannie Mae) has helped over 50,000 families grab hold of the American Dream of home ownership. It continues to provide liquidity in the market by purchasing mortgages from lenders and service rs and preparing them for resale, removing the risk from the finance rs and enabling them to offer mortgages to under-privileged families. Fannie Mae guarantees or owns over 3 trillion dollars in home loans, which is just over one quarter of all U.S. mortgages. Soon, due to the sub-prime lending crisis, the government may abolish Fannie Mae.
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