History Of Fannie Mae

1938 Federal government establishes Fannie Mae to expand the flow of mortgage money by creating a secondary market. Fannie Mae is authorized to buy Federal Housing Administration (FHA)-insured mortgages, thereby replenishing the supply of lendable money.
1944 Fannie Mae's purchasing authority expands to
include loans guaranteed by the Veterans Administration.
1954 Fannie Mae becomes a "mixed-ownership" corporation owned partly by private stockholders.
1968 Chairman and President Raymond H. Lapin joins Fannie Mae. After 30 years of business, President Lyndon B. Johnson signs legislation amending Fannie Mae's Charter Act and establishes Fannie Mae as a private, shareholder-owned company.
1970 Fannie Mae stock (FNM) is listed on the New York and Pacific stock exchanges. President Richard M. Nixon signs legislation authorizing Fannie Mae to purchase conventional mortgages.
1972 Chairman Oakley Hunter joins Fannie Mae. On February 15, Fannie Mae makes its first conventional mortgage purchase, marking the beginning of a truly national secondary market for conventional mortgages.
1976 For the first time, Fannie Mae purchases more conventional loans than FHA and VA loans.
1978 The conventional mortgage program expands to include the purchase of two- to four-family homes.
1981 Chairman and Chief Executive Officer David O. Maxwell joins Fannie Mae. The corporation begins purchasing adjustable-rate mortgages (ARMs) and second mortgages and introduces its Mortgage-Backed Securities (MBS) business.
1982 Fannie Mae funds one of every seven home mortgages made in the U.S.
1983 Fannie Mae begins purchasing conventional multifamily housing loans.
1984 Fannie Mae issues its first debenture in the overseas Euromarket, marking its entry into foreign capital markets.
1987 Fannie Mae issues its first Real Estate Mortgage Investment Conduit (REMIC).
1988 Fannie Mae stock is added to the Standard & Poor's 500 stock index.
1991 James A. Johnson becomes Fannie Mae's Chairman and Chief Executive Officer. The $10 billion "Opening Doors to Affordable Housing" initiative is launched. In September, Fannie Mae promotes Lawrence M. Small to President and Chief Operating Officer.
1992 Fannie Mae becomes, for the first time, the largest issuer and guarantor of MBS, surpassing Ginnie Mae and Freddie Mac.
1993 Fannie Mae succeeds the "Opening Doors" goal of producing $10 billion in purchases for low- and moderate-income and other special housing needs by July, more than 16 months ahead of time.
1994 In an expansion of the "Opening Doors" campaign, the Trillion Dollar Commitment is launched, pledging $1 trillion in targeted housing finance that will serve 10 million low- to moderate-income families.
1996 Fannie Mae celebrates its 10th consecutive year of record earnings. Fannie Mae contributes $350 million in stock to the Fannie Mae Foundation to expand its consumer outreach efforts.
1998 James A. Johnson, Fannie Mae's Chairman and CEO, announces his intention to retire. Franklin D. Raines joins Fannie Mae as Chairman and Chief Executive Officer - Designate. In April, Fannie Mae announces the national availability of Flexible 97, a new mortgage product designed to expand home ownership through a low three percent down-payment requirement. On September 30, Fannie Mae celebrates its 30th anniversary as a private, shareholder-owned company. The corporation achieves record business volumes in purchases, commitments, MBS issued, profits, and families served. Fannie Mae reaches $1 Trillion mark in mortgage books of business outstanding.
1999 Franklin D. Raines becomes Fannie Mae's Chairman and Chief Executive Officer. Conventional loan limit increases to $240,000.
1999 Fannie Mae changes its Mission Statement to:
Our Mission is to tear down barriers, lower costs, and increase the opportunities for home ownership and affordable rental housing for all Americans. Because having a safe place to call home strengthens families, communities, and our nation as a whole.
2000 Conventional loan limit increases to $252,700.
2001 Conventional loan limit increases to $275,000.
2001 American Dream Commitment® (ADC) is launched. It is a ten-year, $2 trillion pledge to increase home ownership rates and serve 18 million American families. The project is based on a six-point plan consisting of the Mortgage Consumer Rights Agenda; the National Minority Home ownership Initiative; the Opportunity for All Strategy; the America's Living Communities Plan; eHomeownership; and the Affordable Rental Housing Leadership Initiative.
2002 Conventional loan limit increases to $300,700.
2002 As part of an ongoing commitment to transparency and financial disclosure, Fannie Mae announces it will, beginning in 2003, register its common stock with the SEC and file its periodic financial and current event disclosures with the SEC on an ongoing, required basis. Chief Executive Officer Frank Raines and Chief Financial Officer Tim Howard voluntarily follow Securities and Exchange Commission (SEC) Order No. 4-460 by certifying the company's most recent periodic financial reports.
2003 Conventional loan limit increases to $322,700.
2003 Fannie Mae voluntarily registers its common stock with the Securities and Exchange Commission (SEC) under Section 12(g) of the Securities Exchange Act of 1934.
2003 Fannie Mae debuts a Corporate Governance Web site that reiterates the cornerstones of the company's corporate governance principles and practices -- openness, integrity, responsibility, and accountability.
2003 Fannie Mae continues to enhance its mortgage-backed securities disclosures, making more information available through its corporate Web site, fanniemae.com.
2004 Conventional loan limit increases to $333,700.
   

 

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