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Who are Fannie Mae, Freddie Mac, and Ginnie Mae, and what do they have to do with home loans?
Fannie Mae is the
more personalized name for The Federal National Mortgage Association
(FNMA), Freddie Mac is a similar name for The Federal National Mortgage
Loan Corporation (FHLMC), and Ginnie Mae refers to the Government National
Mortgage Association (GNMA). Fannie and Freddie are quasi-governmental
agencies which serve as a conduit between the capital markets of Wall
Street and home lending across the United States. Ginnie Mae performs a
similar function for government FHA and VA home loans.