| Business Summary | | Fannie
Mae
is
a
private,
shareholder-owned
company
that
works
to
assure
that
mortgage
money
is
readily
available
for
existing
and
potential
homeowners
in
the
United
States.
Fannie
Mae
does
not
directly
lend
money
to
homebuyers,
but
works
with
lenders
to
make
sure
that
there
is
no
shortage
of
funds
available
for
mortgage
loans.
Fannie
Mae
was
initially
a
part
of
the
Federal
Housing
Administration
(FHA)
and
authorized
to
buy
only
FHA-insured
loans
to
replenish
lenders'
supply
of
money.
Today,
Fannie
Mae's
objective
is
to
increase
the
availability
and
affordability
of
homeownership
for
low-,
moderate-
and
middle-income
Americans.
The
method
in
which
Fannie
Mae
accomplishes
this
is
by
purchasing
mortgages
from
a
variety
of
institutions,
which
make
up
the
primary
mortgage
market.
Fannie
Mae
then
buys
the
mortgage
thus
allowing
the
primary
market
lender
to
replenish
their
funds
and
allow
them
to
lend
more
money
to
home
buyers. | More
from
Market Guide: Expanded
Business Description |
| Financial Summary | | Fannie
Mae
provides
financial
products
and
services
that
increase
the
availability
and
affordability
of
housing
for
low-,
moderate-,
and
middle-income
Americans.
For
the
six
months
ended
6/30/01,
revenues
increased
19%
to
$24.97
billion.
Net
income
before
acct.
change
and
applicable
to
Common
before
extra
items
rose
26%
to
$2.61
billion.
Revenues
reflect
growth
in
the
mortgage
portfolio
and
higher
average
investment
balances.
Earnings
benefited
from
lower
foreclosed
property
expenses. | More
from
Market Guide: Significant
Developments |
| Officers | |
| Position | Franklin Raines | Chairman
and CEO | Daniel Mudd | Vice
Chairman and COO | Jamie Gorelick | Vice
Chairman | Timothy Howard | CFO,
Exec. VP | Michael Williams | Pres
- Fannie Mae e-Bus. |
| More
from
Market Guide on Officers & Directors: Expanded
List, Bios,
Compensation,
Options
|
|