Fannie Mae (Noun)
Meaning
A federally chartered corporation that purchases mortgages.
Classification
Nouns denoting groupings of people or objects.
Examples
- The buyer secured a loan backed by Fannie Mae to purchase her first home.
- Fannie Mae purchases and securitizes mortgages to help free up capital for banks to make more loans.
- The government-sponsored enterprise, Fannie Mae, has been a major player in the mortgage market since 1938.
- Many mortgages are owned or guaranteed by Fannie Mae, a quasi-governmental agency.
- Fannie Mae's main purpose is to keep money flowing to mortgage lenders by buying some of their loan debt.