Federal National Mortgage Association

Fannie Mae (Federal National Mortgage Association) is a government-sponsored enterprise operating under conservatorship of the Federal Housing Finance Agency (FHFA). The company provides liquidity and stability to the U.S. residential mortgage market by purchasing and guaranteeing mortgage loans originated by lenders, packaging them into mortgage-backed securities (MBS), and providing credit guarantees on those securities. Fannie Mae operates through two primary business segments: Single-Family, which handles conventional residential mortgage loans with a $3.56 trillion guaranty book, and Multifamily, which supports rental housing financing with a $544.6 billion guaranty book. The company holds approximately 24% of U.S. single-family and 22% of multifamily mortgage debt outstanding. Revenue is primarily generated through guaranty fees charged on its $4.1 trillion guaranty book of business and net interest income from retained mortgage and corporate liquidity portfolios. Fannie Mae manages credit risk through programs including Connecticut Avenue Securities (CAS), Credit Insurance Risk Transfer (CIRT), and the Delegated Underwriting and Servicing (DUS) lender risk-sharing program. The company trades on the OTCQB marketplace under the ticker FNMA and remains subject to the terms of the senior preferred stock purchase agreement with the U.S. Treasury, under which substantially all net income is swept to Treasury as dividends on the senior preferred stock. Updated Jul 29, 2026