Mortgage-seekers at the time were plagued by an unstable job market, which made lenders wary of handing out money. To explain, being a successful lender (e.g., a bank) is only possible if the sum of money you’re lending doesn’t put your business at risk if you don’t get it back in time. At the time, many Americans found that buying a house was impossible – lenders simply couldn’t offer them good terms on their loans because the risk was too high. It was created in 1938 as a direct response to the Great Depression. What is Fannie Mae?įannie Mae is shorthand for the Federal National Mortgage Association. Freddie Mac, how they’re related, and why you need to know what these bodies are if you’re about to buy a home. They play an essential role in the mortgage market, and if you’re looking to get a mortgage, you’ll probably have heard these names come up a few times. ![]() Fannie Mae and Freddie Mac are two of the federal government’s most famous children.
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