The Federal National Mortgage Association (FNMA) is a government-sponsored enterprise (GSE) established to stimulate the housing market by making mortgages more affordable to borrowers. Fannie Mae does not actually originate mortgages. Instead, it purchases and guarantees them after origination in order to create more liquidity for lenders and, by extension, enable them to make more loans.

Big Builds Mean More Scrutiny
Lenders are still writing checks, but only for projects that pass today’s tougher tests. An...
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