Known as a stockholder-owned corporation, Fannie Mae was chartered by Congress in 1968 as a government sponsored enterprise (GSE), but founded in 1938 during the Great Depression. In the New York Stock exchange they are listed as Federal National Mortgage Association (FNM). The corporation’s purpose is to purchase and securitize mortgages in order to ensure that funds are consistently available to the institutions that lend money to home buyers.

Fannie Mae was established in 1938 as a mechanism to make mortgages more available to low-income families. It was added to the Federal Home Mortgage association, a government agency in the wake of the Great Depression in 1938, as part of Franklin Delano Roosevelt’s New Deal in order to facilitate liquidity within the mortgage market.

In 1968, the government converted Fannie Mae into a private shareholder-owned corporation in order to remove its activity from the annual balance sheet of the federal budget. Consequently, Fannie Mae ceased to be the guarantor of government-issued mortgages, and that responsibility was transferred to the new Government National Mortgage Association (Ginnie Mae).

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