Fannie Mae
Fannie Mae is the common name for the Federal National Mortgage Association (FNMA). [1] 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 conservatorship of another government sponsored enterprise, Federal Housing Finance Agency (FHFA) 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.
Lobbying
The top three recipients of campaign contributions from Fannie Mae over the last two decades were all Democrats. [2]
No.1 Connecticut Senator Chris Dodd No.2 Illinois Senator Barack Obama No.3 Massachusetts Senator John Kerry
References
- ↑ Blaming Fannie and Freddie, Ben Zimmer, Visual Thesaurus, September 16, 2008
- ↑ White House Fires Back at Times Over Housing Meltdown Story Fox News, December 22, 2008