...The Federal National Mortgage Association (FNMA, or Fannie Mae) was established by Congress to create a secondary market for residential and multifamily mortgage loans, to stimulate the flow of private capital into housing and improve the affordability of home ownership. Fannie Mae began a multifamily business in 1984 and has been a purchaser of mortgage loans for multifamily housing since 1987. The company purchases loans originated by select lenders, financing the acquisition or refinancing of multifamily properties, including apartment buildings with five or more units, housing for senior citizens, student housing, cooperatives, affordable housing, and manufactured housing. Fannie Mae has about 7,400 employees, with headquarter offices in Washington, D.C., and five regional offices. The multifamily loans the company purchases are originated primarily through the 24-member Delegated Underwriting & Servicing (DUS«) lender network of independent lenders. The DUS program started in 1988,...
