WASHINGTON, April 29, 2011 /PRNewswire/ -- Fannie Mae (OTC: FNMA) today released its 2010 Mission Report, detailing the company's efforts to provide liquidity, stability and affordability to the nation's mortgage finance market.
"With the release of our Mission Report, we share an update on our progress and offer examples of the customers, partners, vendors and families that have been positively impacted by the work we do every day," said Michael J. Williams, President and CEO, Fannie Mae. "We provide essential liquidity to the housing market to ensure families can buy, refinance or rent housing - in good times and bad. Through our foreclosure prevention efforts, Fannie Mae helps families stay in their homes whenever possible. Additionally, the company is building a strong new book of business to deliver long-term value."
In 2009 and 2010, Fannie Mae provided nearly $1.5 trillion in funds to the mortgage market, and helped more than one million families buy homes and more than four million families refinance into lower-cost, safer mortgages. Fannie Mae also assisted more than 700,000 homeowners struggling to pay their mortgages work out their loans in 2009 and 2010, helping to protect neighborhoods, home prices and the housing market.
In 2010, Fannie Mae helped:
- 2.1 million homeowners refinance their mortgages into more sustainable loans.
- 599,000 borrowers buy homes.
- More than 500,000 homeowners avoid foreclosure.
- Support the rental housing market through $17 billion in multifamily financing. In 2010, 91% of the multifamily units that Fannie Mae financed were affordable to families earning at or below the median income in their area.
- Strengthen communities and address homelessness through more than 69,000 employee volunteer hours.
To view the complete report, please click here.
Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.
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SOURCE Fannie Mae