SkipCaptcha, Automoderated users, edit
2,275
edits
Changes
sub
'''Fannie Mae''' is the common name for the Federal National Mortgage Association (FNMA). <ref>[http://www.visualthesaurus.com/cm/wordroutes/1529/ Blaming Fannie and Freddie], Ben Zimmer, ''Visual Thesaurus'', September 16, 2008</ref> Fannie Mae is a company that deals with the secondary [[mortgage]] market. It is a [[New Deal]] agency founded by the U.S. government to provide increased liquidity for mortgages. The company was bailed out by the US Government (along with [[Freddie Mac]]) after making billions in loans available to borrowers with demonstratively poor credit histories. It was placed in the [[conservator]]ship of another government sponsored enterprise, the Federal Housing Finance Agency (FHFA) for mismanaging its affairs in September 2008. It currently guarantees against default about $5 trillion in mortgages of American homeowners -- nearly half of all mortgages in the [[United States]].
'''Fannie Mae''' is the common name for the Federal National Mortgage Association (FNMA). <ref>[http://www.visualthesaurus.com/cm/wordroutes/1529/ Blaming Fannie and Freddie], Ben Zimmer, ''Visual Thesaurus'', September 16, 2008</ref> Fannie Mae is a company that deals with the secondary [[mortgage]] market. It is a [[New Deal]] agency founded by the U.S. government to provide increased liquidity for mortgages. The company was bailed out by the US Government (along with [[Freddie Mac]]) after making billions in loans available to borrowers with demonstratively poor credit histories. It was placed in the [[conservator]]ship of another government sponsored enterprise, the Federal Housing Finance Agency (FHFA) for mismanaging its affairs in September 2008. It currently guarantees against default about $5 trillion in mortgages of American homeowners -- nearly half of all mortgages in the [[United States]].
==Fraudulent accounting 1998 -2006==
In 2006 Fannie Mae was wracked by an accounting scandal. Regulators found a culture of corruption where management overstated earnings by $11 billion during the late 1990s and reaped huge bonuses for themselves.<ref>[http://articles.chicagotribune.com/2006-05-24/business/0605240197_1_senior-management-manipulated-accounting-fannie-mae-executive-officer-franklin-raines `Arrogant and unethical': Fannie Mae to pay $400 million penalty,] Robert Manor, ''Chicago Tribune'', May 24, 2006.</ref> As Fannie Mae was taken into conservatorship in September 2008 it was reported [[Barack Obama]] received more than $120,000 in contributions from the [[government sponsored entity]], more than any other political candidate for office since 1989.<ref>[http://www.opensecrets.org/news/2008/09/update-fannie-mae-and-freddie.html Update: Fannie Mae and Freddie Mac Invest in Lawmakers], By Lindsay Renick Mayer, September 11, 2008. opensecrets.org</ref>
==Lobbying==
==Lobbying==