fannie mae

Definition

The Federal National Mortgage Association, a government-sponsored enterprise that buys mortgages from lenders to increase housing market liquidity. Despite the folksy nickname, it's a massive financial entity that basically keeps the mortgage market from seizing up.

Example Usage

The lender immediately sold their mortgage to Fannie Mae, using the funds to issue more loans to other buyers.

Origin

Acronym FNMA phonetically rendered as 'Fannie Mae,' established by Congress in 1938 during the New Deal

Fun Fact

Fannie Mae and its sibling Freddie Mac own or guarantee about half of the $12 trillion U.S. mortgage market, making them 'too big to fail' institutions.

Source: Federal housing finance agency documentation

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