Fannie Mae ( FNMA, say it fast) was formed as part of Roosevelt’s New Deal in 1938, in order to make money available to people for the purchase of homes in 1968, it became a shareholder-owned corporation. What Are Fannie Mae and Freddie Mac?: The Federal National Mortgage Association, a.k.a. A “For Idiots, by Idiots” guide, if you will. Which is why we’ve compiled a short, incomplete but pretty much readable cheat sheet for your perusing pleasure after the jump. Or maybe you are merely wondering: Who are those farm children, and why are they in trouble? In any case, we understand. Or perhaps you don’t pay attention to these things at all, but know that something happened with the country’s biggest mortgage lenders and are idly curious as to what it was. Or perhaps you did try to catch up, but an ocean of words and opinions fell upon you, and subsequently that desire to learn was suffocated. Are you behind on the whole Fannie Mae–Freddie Mac affair? Maybe you were out of the office last Friday and haven’t had a chance to catch up.
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