Who Owns HomeReady?

Who owns Fannie Mae?
Fannie Mae's ownership is complex. The company has been under conservatorship of the Federal Housing Finance Agency (FHFA) since September 2008. The U.S. Treasury holds senior preferred stock representing the government's financial stake. Common stock (FNMA) trades on OTCQB but has limited economic rights under conservatorship. The FHFA appoints Fannie Mae's board of directors, and since March 17, 2025, the FHFA Director serves as Chair of the Board. William J. Pulte currently serves as FHFA Director and Board Chair.

Is Fannie Mae publicly traded?
Fannie Mae's common stock (FNMA) and preferred stock trade on the OTCQB market, but the company has been under FHFA conservatorship since 2008. The common and preferred shares have limited economic rights under conservatorship, and the U.S. Treasury's senior preferred stock takes priority. The board of directors is appointed by FHFA, not elected by shareholders.

What is Fannie Mae's role in the housing market?
Fannie Mae operates in the secondary mortgage market, purchasing mortgages from lenders and packaging them into mortgage-backed securities (MBS). This process provides lenders with cash to make new loans, ensuring that mortgage credit is available to qualified borrowers. Fannie Mae and Freddie Mac together guarantee approximately 70% of new U.S. mortgage originations. Fannie Mae owns or guarantees an estimated 25% of single-family and 21% of multifamily mortgage debt outstanding in the United States.

When was Fannie Mae founded?
Fannie Mae was established in 1938 by the U.S. Congress as part of the New Deal. It was converted to a private shareholder-owned corporation in 1968 and listed on the NYSE. It was placed into FHFA conservatorship in September 2008 following the subprime mortgage crisis.

What is Fannie Mae's net income?
For FY2025 (ended December 31, 2025), Fannie Mae reported net income of $14.4 billion on net revenues of $29.0 billion. This was a decrease of $2.6 billion from FY2024 net income of $17.0 billion, primarily driven by a shift from a credit loss benefit to a credit loss provision and lower fair value gains. Q4 2025 net income was $3.5 billion. The company's net worth was $109.0 billion as of December 31, 2025.

What is the difference between Fannie Mae and Freddie Mac?
Fannie Mae (Federal National Mortgage Association, 1938) and Freddie Mac (Federal Home Loan Mortgage Corporation, 1970) are both GSEs that operate in the secondary mortgage market. Fannie Mae historically purchased mortgages from commercial banks and mortgage companies, while Freddie Mac was created to purchase mortgages from savings institutions (thrifts). Both are under FHFA conservatorship since 2008. Fannie Mae is the larger of the two, with a bigger guaranty book of business.

Will Fannie Mae exit conservatorship?
The Trump administration has expressed interest in ending the conservatorship of Fannie Mae and Freddie Mac, potentially through an IPO. However, the January 2025 SPSPA amendments require Treasury's prior written consent for any termination of conservatorship. FHFA must also conduct a public market impact assessment before requesting Treasury's consent. In June 2026, President Trump stated that he had not ruled out an IPO but added, "It's not a rush." No definitive timeline has been provided.