Fannie Mae is the better known name for the Federal National Mortgage Association, a stock holder owned corporation that last year was put under conservatorship of the government because extreme financial distress. It is likely that they are the owner of the title of your property and if so you could be entitled to government relief.

The Federal National Mortgage Association was founded by public charter in the 1930′s during the Great Depression. Its cause was to increase the credit availability for low income Americans by securitizing mortgages. This was done to make sure that there would be plentiful supply of money for the institutions responsible for giving mortgages to borrowers. In 1968 the congress converted the once public organization into a privately held corporation under the control of a board of directors. As a government sponsored enterprise its existence has been criticized for its relationship to the government and near public classification.

In September of 2008 the crisis in the US housing market forced the FHFA to put Fannie Mae into conservatorship. Once again the organization was returned to the control of the the federal government. It was estimated that at that time Fannie Mae and its sister corporation Freddie Mac backed approximately half of the US $12 trillion dollar real estate market. It had an operating loss of a little more than $5 billion in 2007 and more than $880 billion in assets to close 2007. With all of the companies business closely intertwined with virtually every aspect of the US real estate market the financial meltdown forced congress to intervene with public assistance.

There had long been suspicion that Fannie Mae and Freddie Mac were supported by the government and once those suspicions turned out to be true the federal government assumed significant influence with those institutions. That public influence is being used to enact policies to help distressed home owners prevent foreclosure. If you are a homeowner with a mortgage guaranteed by the Federal National Mortgage Association you may be eligible for mortgage relief. In exchange for public support Fannie Mae is mandated to provide mortgage relief to distressed home owners including mortgage refinance and loan modification programs. These programs restructure home loan contracts to lower rates or monthly payments. If you are unable to make your mortgage payments you can get in touch with Fannie Mae directly. They will assist you in determining who is the holder of your home loan and how you can get assistance.

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