Fannie Mae Releases Mission Performance Report
WASHINGTON, DC Fannie Mae (FNM/NYSE) today released "Helping Housing Recover: A Report on Fannie Mae's Mission Performance," which describes the company's efforts to provide liquidity, stability and affordability to the nation's housing finance system.
The report cites $823.6 billion in funding the company provided last year to help keep the single-family and multifamily mortgage markets operating. The report also notes that the company enabled 1.7 million low- and moderate-income families to obtain affordable housing in 2009, and helped more than 160,000 struggling borrowers with Fannie Mae-owned loans keep their homes through loan modification or other loan assistance.
"Fannie Mae has been asked to play a significant role and received significant government assistance to support borrowers and the country's housing finance system during these difficult economic times," said Michael J. Williams, President and CEO. "We take this duty very seriously, and this report chronicles our efforts to fulfill this critical mission. We will build on our work with our industry partners and the government to help struggling borrowers stay in their homes, provide additional financing for affordable housing and restore the health of America's housing market."
Through the company's funding efforts, Fannie Mae provided financing in 2009 that helped:
- 2.5 million borrowers refinance into loans with lower payments, better terms or to meet other needs. Many borrowers were able to refinance despite having lost equity.
- 600,000 borrowers buy homes during the tightest mortgage credit market in decades.
- 372,000 rental units be purchased, refinanced or rehabilitated.
To view the complete report, please visit http://www.fanniemae.com/about/mission-report.html.