| 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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