#Fannie mae foreclosures scottsville update
#Fannie mae foreclosures scottsville mac

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#Fannie mae foreclosures scottsville update

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#Fannie mae foreclosures scottsville mac

When these organizations decline, homeownership becomes more costly and less accessible.įannie Mae and Freddie Mac are not only secondary market lenders, but these organizations also set regulations and guidelines for mortgages that depository and non-depository institutions have to abide by.īy “depository” I mean commercial banks and by “non-depository” I’m referring to direct lenders, such as Atlantic Bay. Similar to any lender or financial institution, the financial health and stability of Fannie Mae, Freddie Mac and Ginnie Mae has a direct impact on homebuyers. Why do Fannie, Ginnie, and Freddie matter to homeowners? Typically, Fannie Mae purchases home mortgage loans from commercial banks, or big banks, whereas Freddie Mac purchases home mortgage loans from smaller banks and lenders.Īdditionally, Fannie Mae and Freddie Mac loans are typically conventional loans, which are not insured by the government. What sets Fannie Mae and Freddie Mac apart? The businesses they work with.

Freddie Mac was created in 1970 to continue the expansion of secondary market lenders alongside Fannie Mae. Ginnie Mae is an extension of the Department of Housing and Urban Development (HUD) and specifically deals with non-conventional loans such as FHA loans, VA Loan, and USDA loans, also known as government-insured loans.įreddie Mac is sometimes referred to as the brother organization of Fannie Mae. Ginnie Mae was established in 1968 in an effort (similar to Fannie Mae and Freddie Mac) to make homeownership more of a reality for more populations via increased accessibility to mortgage loans. This helped open the doors of homeownership, as mortgage loans became more accessible. The creation of Fannie Mae and MBS helped increase the number of lenders, as lenders no longer need to rely on personal or private funding for home mortgage loans. Mortgage-backed securities are packaged mortgage loans that are then sold to investors. What's the difference between Fannie, Ginnie, and Freddie?įannie Mae, Freddie Mac, and Ginnie Mae are all government-sponsored mortgage companies, but each serve a different purpose and different homebuyers.įannie Mae was created in 1938 as part of FDR’s New Deal, in an effort to secure mortgages via what are called mortgage-backed securities (MBS). So much so that in 1997 the company abandoned the acronym FHLMC altogether to officially become just Freddie Mac. Freddie, from “F” and Mac from “MC.” It seems the jury is still out on as to why letters “HL” were left out. Similar to Fannie and Ginnie, Freddie Mac, or Federal Home Loan Mortgage Corporation, was derived from its acronym FHLMC. Ginnie from “GN” and Mae from “MA.”Īs for Freddie Mac, that one is a little trickier.

Ginnie Mae, or Government National Mortgage Association, came from its acronym GNMA. Fannie for the letters “FN” and Mae for “MA.” It’s all too often that we hear or refer to Fannie, Ginnie, and Freddie on a first-name basis without ever realizing the actual origin of the names, which were all derived from acronyms.įannie Mae, or the Federal National Mortgage Association, came from the acronym FNMA. You may be wondering: “What’s with these names?” And trust me, you’re not alone. By backing and securing home mortgage loans, they help make homeownership more accessible. These private companies are often referred to as “secondary market lenders” that back loans and set regulations and guidelines. In short, Fannie Mae, Ginnie Mae, and Freddie Mac are all government-sponsored mortgage companies. These names may sound like someone’s southern grandparents, but to homebuyers they are much more.