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Term: FNMA
Description:
FNMA, also known as the Federal National Mortgage Association, is a government-sponsored enterprise (GSE) in the United States. It was established in 1938 as part of the New Deal during the Great Depression. FNMA works in the secondary mortgage market, primarily by purchasing mortgage loans from lenders and packaging them into mortgage-backed securities for investors.
Senses:
- Noun: Abbreviation for Federal National Mortgage Association.
Usages:
- Popular Usage: FNMA plays a significant role in the housing market by providing stability and liquidity to the mortgage industry.
- Local Usage: Many local lenders rely on FNMA to sell their mortgage loans, allowing them to provide more loan options to borrowers in the community.
Sample Sentences:
- Investing in FNMA can be a good option for those looking for stable returns in the long run.
- FNMA recently announced changes to their underwriting guidelines, making it easier for first-time homebuyers to qualify for a mortgage.
- Local credit unions often partner with FNMA to offer competitive mortgage rates to their members.
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