mortgage residential mortgage commercial FHA 1934 FHA $67,500 VA Fannie Mae, Federal National Mortgage Association 1938 (27.5 ) 01/12/19 1
Fannie Mae is a private, shareholder-owned company that works to make sure mortgage money is available for people in communities all across America. We do not lend money directly to home buyers. Instead, we work with lenders to make sure they don t run out of mortgage funds, so more people can achieve the dream of homeownership. A A B B 30 B A C A B A secondary market primary market 1970 01/12/19 2
30 2 asset liability management 10 swap 01/12/19 3
30 10 3 10 origination, origination fee 01/12/19 4
FHA servicing servicer 01/12/19 5
Mortgage Conduit 1980 MBS Residential Funding Corporation A 10 GSE 600 1970 01/12/19 6
GNMA 1968 GNMA Government National Mortgage Corporation GNMA 1970 S&L Freddie Mac, Federal GSE Home Loan Mortgage Corporation PC participation certificate Office of Federal Housing Enterprise Ove sight GSE Government-Sponsored Enterprise 1981 ALM MBS 01/12/19 7
MBS Mortgage-Backed Securities MBS MBS 1994 ALM ALM, pool pass-through GSE 01/12/19 8
GNMA GSE GNMA GSE GSE MBS MBS GSE MBS GSE GNMA,GSE 01/12/19 9
( ) 80 CMO Collateralized Mortgage Obligation 01/12/19 10
Whole Loan CMO whole CMO CMO GSE 01/12/19 11
Mortgage Bankers (55%) GNMA Fannie Mae 286B(on) 548B(off) Freddie Mac 138B(on) 473B(off) S&L, Saving BK (19%) Commercial Bank (25%) Others (1%) ( ) ( ) 01/12/19 12
CMO 01/12/19 13