Fannie Mae is the common name for the Federal National Mortgage Association, a privately owned corporation that was recently placed under conservatorship of the government due to significant liquidity issues. It is likely that they are the owner of the deed of your property and if thats the case you could be eligible for government assistance.
The Federal National Mortgage Association was founded by government charter in the 1930′s during the Great Depression. Its cause was to increase the credit availability for low income Americans by purchasing home loans. This was done to make sure that there was a stable supply of money to the companies responsible for giving home loans to borrowers. In 1968 the government changed the once public institution into a privately owned corporation under the control of a board of directors. As a government sponsored enterprise its existence has been criticized for its relationship to the government and near federal classification.
In September of 2008 the crisis in the domestic housing market forced the FHFA to place Fannie Mae into conservatorship. Once again the institution was returned to the control of the the government. It was believed that at that time Fannie Mae and the similar organization Freddie Mac guaranteed about half of the United States $12 trillion dollar real estate market. It had revenues of more than $51 billion in 2008 and a total exceeding $880 billion in assets to close 2007. With all of the organizations business closely intertwined in virtually all aspects of the US real estate market the mortgage crisis forced congress to intervene with public assistance.
Many experts suspected that Fannie Mae and Freddie Mac were supported by the government and once those suspicions turned out to be correct the government assumed significant influence with those organizations. That public influence is being used to implement programs to help distressed borrowers. If you are a homeowner with a loan guaranteed by Fannie Mae you may be eligible for loan modification. In return for tax payer support Fannie Mae is obligated to provide home loan relief to struggling home owners including home loan refinance and mortgage modification programs. These mortgage solutions restructure home loan contracts to lower rates and monthly payments. If you are unable to make your home loan payments you can contact Fannie Mae directly. They will help you determine who is the owner of your home loan and how to receive help.
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