Fannie Mae

from Wikipedia, the free encyclopedia
  Federal National Mortgage Association (Fannie Mae)
logo
Country United StatesUnited States United States
Seat Washington, DC
legal form GSE
ISIN US3135861090
BIC FMAEUS33XXX
founding 1938
Website www.fanniemae.com
Business data 2014
Total assets 3,248.2 billion US dollars
Employee 7,600
management
Board of Directors Egbert LJ Perry ( Chairman )
Board Timothy J. Mayopoulos (President & CEO)

Fannie Mae (actually Federal National Mortgage Association , FNMA ) is a state-sponsored US company that was founded in 1938 as a state-owned bank under the New Deal and privatized in 1968. During the privatization, Fannie Mae, originally derived from a corruption of the abbreviation FNMA, was adopted as the name under which the company appears. The company is still called the Federal National Mortgage Association.

It is a pure mortgage bank and the world's largest institute in this field. The US government does not guarantee or refinance the mortgages . As a state-affiliated company, however, Fannie Mae receives first-class credit ratings from the rating agencies and can thus refinance itself at a lower interest rate than other banks . Revenue in 2014 was $ 25.855 billion.

history

The Federal National Mortgage Association (FNMA) was founded in 1938 as a state-owned bank under the New Deal . The Federal National Mortgage Association Charter Act (Charter Act) of 1954 put Fannie Mae into a public-private partnership . In 1968 the company was then privatized by the Housing and Urban Development Act of 1968 (the 1968 HUD Act) and received the status of a government-sponsored enterprise . From parts of the privatized Fannie Mae Ginnie Mae was formed, which then remained state -owned ( Government-owned enterprise ).

After the real estate bubble burst that led to the 2007 financial crisis , Fannie Mae was one of those companies whose mortgage loans went badly on a large scale. In July 2008, the head of the Federal Reserve Bank of St Louis , William Poole , described Fannie Mae for the first time as " de facto insolvent " and called on politicians to look for ways to save money. On July 13, 2008, the US government announced that it would support Fannie Mae and Freddie Mac with billions in loans and stock purchases to prevent bankruptcy . Soon afterwards, on September 7th, 2008, the responsible regulatory authority Federal Housing Finance Agency (FHFA) took control of Fannie Mae and replaced the previous CEO Daniel Mudd . In fiscal 2008, Fannie Mae lost $ 58.7 billion. The two state-affiliated mortgage lenders Fannie Mae and Freddie Mac received a rescue loan of 187 billion dollars in 2008. In 2013, Fannie Mae made a profit of $ 84 billion. The state rescue loan had been repaid in full by March 2014.

In November 2013 it became known that Fannie Mae was suing Deutsche Bank and eight other large banks for Libor manipulation . A spokesman said that the manipulation of the international benchmark interest rate resulted in losses of around $ 800 million for the company. The company was forced to file a lawsuit in federal court in New York out of responsibility for its resources. In a settlement before a federal district court on mortgage transactions from 2005 to 2007, Deutsche Bank and the Federal Housing Finance Agency (FHFA) agreed on a total compensation payment of 1.4 billion euros to Fannie Mae and Freddie Mac .

See also

Web links

Individual evidence

  1. ↑ Entry in the BIC directory at SWIFT
  2. ↑ http://services.corporate-ir.net/SEC/Document.Service?id=P3VybD1hSFIwY0RvdkwyRndhUzUwWlc1cmQybDZZWEprTG1OdmJTOWtiM2R1Ykc5aFpDNXdhSEEvWVdOMGFXOXVQVkJFUmlacGNHRm5aVDB4TURBNE9EazVNU1p6ZFdKemFXUTlOVGM9JnR5cGU9MiZmbj1GYW5uaWVNYWVfMTBLXzIwMTUwMjIwLnBkZg
  3. ↑ History of the Government Sponsored Enterprises ( Memento of the original from September 1, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Federal Housing Finance Agency, Office of Inspector General, accessed September 7, 2016. @1@ 2Template: Webachiv / IABot / www.fhfaoig.gov
  4. ^ ARD : "Freddie and Fannie before bankruptcy?" ( Memento from July 11, 2008 in the Internet Archive ) - July 10, 2008.
  5. ^ Board grants Federal Reserve Bank of New York the authority to lend to Fannie Mae and Freddie Mac should such lending prove necessary. federalreserve.gov, July 13, 2008, accessed June 4, 2013 .
  6. ↑ "Extensive Housing Bill on the home straight. The US Treasury will be able to help Fannie and Freddie ” , NZZ July 24, 2008.
  7. ^ "US government takes over Freddie Mac and Fannie Mae" , Spiegel online , September 7, 2008.
    "America nationalized Freddie and Fannie" , FAZ , September 8, 2008.
  8. ↑ "Under the wing of Washington" ( Memento of the original from September 15, 2008 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. , Süddeutsche Zeitung , September 7, 2008. @1@ 2Template: Webachiv / IABot / www.sueddeutsche.de
  9. ↑ Tagesschau - US mortgage bank reports 59 billion loss - A black hole called Fannie Mae , accessed on February 27, 2009.
  10. ↑ Nationalized US mortgage lender: Fannie Mae makes $ 84 billion in profit , Spiegel Online, February 21, 2014.
  11. ↑ tagesschau.de: Fannie Mae sued Deutsche Bank , accessed on November 1, 2013.
  12. ↑ Deutsche Bank Settlement Agreement ( Memento of the original dated December 21, 2013 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. on fhfa.gov (engl.) @1@ 2Template: Webachiv / IABot / www.fhfa.gov
  13. ↑ Deutsche Bank closes billions in US mortgage dispute , Spiegel Online, December 20, 2013.